The Racing Times, an ambitious newspaper that the late Robert Maxwell launched about 10 months ago to compete with publishing archrival Rupert Murdoch's Daily Racing Form, went out of business yesterday.
Somewhat of an artistic success, and much more aggressive editorially than the conservative Racing Form, the Times lacked the time to make the market inroads necessary to turn a profit.
When Maxwell died mysteriously after going off his yacht near the Canary Islands last November, his international empire was thrown into fiscal chaos, and the Times became one of what could be many victims.
In a deal that was announced by Mirror Group Newspapers, the publicly held company that ran the Racing Times, K-III Holdings Inc., which had bought the Racing Form from Murdoch, bought most of the Times' assets, which include computer hardware and software. Mirror Group then announced that today's Friday's issue of the the Times, which was printed Wednesday, would be the newspaper's last.
The Racing Times never did announce circulation figures, but a spokesman for Mirror Group said the newspaper at its peak sold 18,000 copies a day.
He estimated that the January circulation was about 10,000. Before the Racing Times started, the Racing Forms' daily circulation was estimated at 100,000.