SOVIET SPORT NEWSPAPER IS THREATENED WITH BANKRUPTCY BY THE TAX SERVICE

SOVIET SPORT NEWSPAPER IS THREATENED WITH BANKRUPTCY BY THE TAX SERVICE

SOVIET SPORT NEWSPAPER IS THREATENED WITH BANKRUPTCY BY THE TAX SERVICE
On September 6, the Moscow inspectorate of the Federal Tax Service ¹ 9 applied to the arbitration court, demanding recognition of the insolvency of the ‘Soviet Sport’ newspaper. A court hearing on this issue is scheduled for October 5.  Editor-in-Chief Nikolai Yaremenko said that the company's debts were caused by the 2017–2019 corporate conflict.  According to him, the matter will not come to real bankruptcy.

Olympic champion Svetlana Zhurova has already reacted to the situation with the possible bankruptcy of the media.  The athlete, who was engaged in speed skating, expressed the hope that the media would not be closed.  According to the State Duma deputy, printed media are going through difficult times, as media consumption by readers has changed, going into electronic format.  At the same time, Zhurova recalled that bankruptcy can be a saving measure for the company.
The media is published every weekday in the amount of 180 thousand copies.
It ranks 12th among sports media in Russia.  In recent years, the newspaper has remained unprofitable -its revenue is falling, having decreased from 117.2 million rubles in 2019 to 86.4  million rubles in 2020.

The media, which turns 100 years old in 2024, has been taken over by different owners in recent years.  In 2014-2016, the newspaper was ruled by the ‘Komsomolskaya Pravda’ publishing house and in 2016-2021, the owner was the ‘Ura Media’ media holding. In early August, the assets were transferred to the co-founder of the 1st Media Invest, Evgeny Filippov (his share in the holding is 80%).

Recently, the newspaper has been threatened with bankruptcy by Invest Group, which filed a bankruptcy lawsuit in June last year.  Then the media managed to avoid a lawsuit, since the plaintiff withdrew his claims.
The editorial staff also complain about the delay in salaries.
While the editor-in-chief of the publication claims that there are no problems with the payment of fees, some media outlets have reported delays in salaries for employees since April 2021.

According to the experts, bookmakers continue to be the main source of income for the sports press.  However, advertising budgets that used to be directed to print are now predominantly going into the digital environment.  As a result, the profitability of print media is plummeting.

10.09.2021