Senior management at Sportal will today meet with big shareholders to discuss the possible closure of the business after a board meeting last night left the future of the online sports company in the balance.

Sportal, seen as one of the UK's top net businesses, was saved from collapse in August by an injection of £8m from investors including French billionaire Bernard Arnault.

That cash, which followed a desperate six-month hunt for funds, was supposed to take Sportal through to profitability next year, but the continued downturn in dot.com advertising and the impact of last month's US attacks has lead Sportal's board to consider winding up operations.

Earlier this week, Sportal said "significantly deteriorating market conditions" had led the company to re-evaluate all its options, and management have opened talks with potential bidders. It added that the recession in the internet industry looked set to continue far into 2002.

Last night the board of Sportal met to consider its next step, but no decision on the future of the company was reached. A spokesman said after the meeting that the company's board plans to meet with a number of its major shareholders to discuss the situation further today.