A sports streaming service whose customers include Manchester City Football Club, the Premier League champions, has collapsed into administration after the failure of funding talks.
Sky News has learnt that 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 but is understood to have run out of options after a recent financing commitment failed to materialise.
Mr Meikle, Recast’s chief executive, said in a statement issued to Sky News: “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.”
Recast had been searching for a buyer in recent weeks as administration loomed, but 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.”