A sports streaming platform partnered with leading media companies, major football clubs including Manchester City and other sporting bodies has collapsed into administration.
Alistair McAlinden and Chris Pole of Interpath Advisory were appointed as joint administrators of Recast Sports Limited on 22nd September.
Headquartered in Edinburgh, Recast is a subscription-free, live and on-demand sports streaming platform powered by microtransactions. The company delivers non-subscription alternatives to watch official live and on-demand content.
The majority of its 42 employees have been made redundant. A small number of staff have been retained by the joint administrators to assist in marketing the business and assets for sale.
Founded in 2018, it completed a number of seed and Series A funding rounds which enabled the business to grow and scale. Series A investors in 2021 included legendary West Indies cricketer Chris Gayle, ex-Pixar CFO Simon Bax, private equity firm Visor International and Riva Technology and Entertainment.
However, despite the company recently securing a further funding commitment from a ‘major investor’, delays and failure to provide the required funds left the company facing significant cashflow challenges, it says.
After assessing their options, including the possibility of a sale of the business, it became clear that no solvent outcome was available and the directors took the difficult decision to seek the appointment of administrators.
“To suddenly find ourselves going into administration as a result of funding commitments not being fulfilled is devastating for everyone at Recast,” said Andy Meikle, founder and CEO.
“While we’ve enjoyed many successes over the years, our recent traction particularly highlights how the sports and entertainment landscape so desperately needs an alternative content monetisation solution like Recast’s.
“It’s a sad day for all our shareholders, team members, partners, rights holders and fans, but I’m incredibly grateful to all of those who shared and supported our vision and journey.”
Alistair McAlinden, head of Interpath Advisory in Scotland and joint administrator, said: “Recast had enjoyed success with its offering, securing high profile names from across the sporting spectrum, including Manchester City and Inter Milan, as commercial partners.
“Unfortunately, however, with the committed funding having not been received, Recast was not able to continue operating.”