Insolvency practitioners Dermot Power and Patrick Lannagan at BDO were appointed administrators of the company and two of its wholly owned subsidiaries, Sport Newspapers and Moresport yesterday (4 April).

According to a statement on the London stock exchange, the administrators are seeking a buyer for the assets of the companies, which include the two titles.

Power said: "The companies have been exploring restructuring and sale options and regrettably the cash flow problems being experienced as a result of historic trading difficulties, coupled with limited interest from third-party investors or an acquirer for the businesses, have resulted in the companies ceasing to trade."

The Daily Sport and its sister title the Sunday Sport were not printed this weekend when Sport Media Group ceased trading.

It has blamed a failure to recover from the poor weather at the end of 2010, which led to it being unable to meet "certain creditors".

If a buyer is not found and the titles fail to return, the Daily Sport will become the first national newspaper to close since Today, which closed in late 1995.

The Sunday Sport was launched in 1986, while the weekly title followed in 1991.