The sale of Global Cycling Network’s parent company Play Sport Network represented the closure of an expensive investment in cycling from Warner Bros Discover, as companies house documents reveal that the American conglomerate wrote off £33,197,503 worth of debts outstanding before completion of the sale.
It was announced in June 2024 that Play Sport Network would be sold to its former owner Simon Wear, alongside chief executive Mia Walter, following the announcement of the closure of the GCN+ streaming platform in December 2023.
This means that outstanding debts considered owed to the parent company were effectively written off – completing a picture of considerable overall loss in the ownership Play Sport Network Limited by the American conglomerate.
Click Here to Read the Full Original Article at CyclingNews RSS Feed…