However, it went into administration in July and a relaunch to focus more on racing was made in a bid to increase circulation.

But a statement issued this evening read: “The Sportsman announces its closure on Thursday, October 5.

“The administrators have decided not to continue printing as discussions to re-finance the paper continued to be at a stalemate.

“The Sportsman’s circulation has enjoyed growth week-on-week for the past five consecutive weeks and Saturday, October 2nd represented their biggest sale for the weekend edition to date.

“As a result of this, two major new daily advertisers were due to start within the next 10 days.

Nevertheless, an agreement for the continued financing of the newspaper could not be reached.”

Jeremy Deedes, The Sportsman’s chairman commented: “It is a very sad note on which The Sportsman closes. Since we redesigned the paper six weeks ago, circulation has grown every week.

“Ironically, our last recorded sale, of 21,000, was not only our best day’s sale since the launch period, but also corresponded to the figure set out as the ‘break even’ under the new business plan.”

“To be shutting on a rising sale is somehow more heartbreaking than if we had been in steady decline.

“Our first thoughts are with the staff who have put in a Herculean effort over the past weeks, in very difficult circumstances.

“Producing a daily newspaper places enough demands; to do it enthusiastically every night while the future is in doubt shows a dedication way beyond the realms of duty. I can only say thank you.”