Recast sports streamer in administration. Sports streamer Recast hits the buffers after funding talks fail. The Edinburgh-based company, which counted Manchester City and Internazionale among its partners, has called in Interpath as administrators.
Alistair McAlinden and Chris Pole of Interpath Advisory were appointed as joint administrators of Recast Sports Limited on 22nd September.
A sports streaming service whose customers include Manchester City Football Club, the Premier League champions, has collapsed into administration. This transpires after the failure of funding talks.
The company Recast, which is based in Edinburgh, called in Interpath Advisory to handle its insolvency on Friday.
The company operates a subscription-free live and on-demand platform that charges sports fans to watch specific content.
In addition to Manchester City, Recast has partnered with Internazionale, the Italian Serie A club.
Founded in 2018 by Andy Meikle, the company had completed several funding rounds. However, is understood to have run out of options after a recent financing commitment failed to materialise.
Mr Meikle, Recast’s chief executive, says in a statement issued: “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 monetisation solution like Recast’s.
“It’s a sad day for all our shareholders, team members, partners, rights holders and fans. I am however, incredibly grateful to all of those who shared and supported our vision and journey.”
Recast had been searching for a buyer in recent weeks as administration loomed. It sadly did not secure a viable solvent offer.
The majority of its 42 employees have lost their jobs
Alistair McAlinden, head of Interpath 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.”