Recast, the UK-based sports streaming platform, has collapsed into administration after funding talks with a major investor failed.
Recast, which is based in Edinburgh, Scotland, officially launched in January 2021 as a more affordable and accessible broadcasting live and on-demand platform aimed primarily at non-premium sports properties for fans to watch specific content via micropayments.
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It rapidly grew, striking rights partnerships with the likes of motor racing’s Extreme E, the European Taekwondo Union, the International Canoe Federation, golf’s DP World Tour (formerly European Tour), cricket's African Premier League and European Cricket Network, the Professional Bull Riders circuit, Serbian rugby league club Red Star Belgrade and soccer clubs Manchester City, Inter Milan, and Hibernian.
It became available in more than 61 countries, including Europe, the US and Canada, the Middle East and North Africa, Australia, and New Zealand.
However, on Friday (September 22), the company said that due to “delays and failure” to secure a funding commitment, it was suddenly facing “significant cashflow challenges.”
In recent weeks, the company had also been seeking a buyer, but couldn’t secure a viable solvent offer.
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By GlobalDataAlistair McAlinden and Chris Pole of Interpath Advisory were appointed as joint administrators and the majority of the company’s 42 employees have now been made redundant.
In a statement, Recast said: “After assessing our options closely with restructuring advisor, Interpath, 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.”
The company added that rights-holders had been informed of the impending administration on Friday.
The company raised £5.9 million ($8.1 million) in a series A financing round in 2021, lifting its value to £20.9 million. Investors in the venture included Simon Bax, the former chief executive of digital animation studio Pixar, West Indies cricketer Chris Gayle, gaming firm Riva Technology and Entertainment, and private equity firm Visor.
Recast raised an additional £7 million last year from the same group of investors.
In a statement issued to news outlet Sky, Recast’s founder and chief executive Andy Meikle said: “To suddenly find ourselves going into administration as a result of funding commitments not being fulfilled is devastating for everyone at Recast.
“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 monetization solution like Recasts'.
“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.”
