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Sportal obtains emergency funds
Sportal, the sports internet operator, has been saved from financial collapse by an Euro8m funding injection which should see the company through to profitability in 2002.
The funding in Sportal International was raised by a group of shareholders including founder Rob Hersov, Europatweb, GRP and several other private investors, and coincides with a restructuring programme seeing Neil MacDonald stepping up to become CEO, and Hersov becoming chair of the group.
MacDonald said that the investment comes after significant reorganising of the company and predicted a bright outlook: We have been through a major cost restructuring of the business over the last six months and our focus now is to continue to lead the sector by being the first to reach profitability.
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