Finers advises mobile porn kings on Sport acquisition

Finers Stephens Innocent and Manchester outfit Nexus Solicitors have bagged the lead roles on the £50m sale of red-top newspapers the Daily and Sunday Sport.

FSI corporate head Ashley Reeback acted for the buyers Interactive World, a provider of adult content for mobiles, while Nexus partner Jamie Lloyd acted for the sellers David Sullivan, David Gold and Ralph Gold, who together also own Birmingham FC. The Golds own Ann Summers among other interests.

Interactive World bought Sport Newspapers through a reverse takeover after listing on AIM. The combined group, renamed Sport Media Group, will be worth around £72m.

After advising the purchasers, Reeback said that FSI is in a good position to become lead advisers to Sport Media Group in the future: “We look forward to advising the company as it develops its publishing and other businesses.”

Lloyd said that Nexus picked up its instruction from Sullivan after handling some employment matters for Sports Newspapers.

Brokers Daniel Stewart & Company listed Interactive World on AIM, advised by the London office of McDermott Will & Emery.