Interpath Advisory joint administrators appointed as Recast Sports enters administration
Alistair McAlinden and Chris Pole of Interpath Advisory have been appointed as joint administrators of Recast Sports Limited on 22 September 2023.
Headquartered in Edinburgh, Recast is a subscription-free, live and on-demand sports streaming platform powered by microtransactions. The company partners with a number of leading sports, media and entertainment companies, as well as major football clubs and other sporting bodies to deliver non-subscription alternatives to watch official live and on-demand content.
The company was founded in 2018 and since that time, had been successful in completing a number of seed and Series A funding rounds which enabled the business to grow and scale. 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.
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.
Regrettably, following the appointment of the administrators, the majority of the company’s 42 employees were made redundant. A small number of staff have been retained by the joint administrators to assist in marketing the business and assets for sale.
Mr 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.
“As a matter of priority, we will be providing support to those employees who have been made redundant, including providing them with the information required to make claims from the Redundancy Payments Service.”
Mr Meikle, founder and CEO of Recast, 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 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.”