Scots streaming service rescued by founder
Scottish streaming platform Recast Sports, which counts Premier League football clubs as its clients, has been acquired from the administrator by its founder.
Andy Meikle has bought the company back through Content Technology Partners (CTP)which he part owns.
CTP’s backers include Gavin Petken, former head of investments at Business Growth Fund (BGF), and Ed Woodward, who was executive vice chairman of Manchester United.
Alistair McAlinden and Chris Pole of Interpath Advisory were appointed as joint administrators of Edinburgh-based Recast Sports on 22 September after an investor failed to deliver on a promised funding package.
The subscription-free, live and on-demand sports streaming platform partnered with a number of leading sports, media and entertainment companies, as well as major football clubs and other sporting bodies.
Four members of staff, who were retained by the joint administrators, have transferred to the purchaser as part of the transaction.
CTP is in the process of engaging with Recast’s previous publishers and it is anticipated the platform could be available in a limited capacity as soon as 11 October.
Mr Meikle said: “It’s been an extremely challenging period for everyone who has been involved with Recast after the default of funding from our major investor last month.
“To have received the level of support that we have since then and interest from others to find a solution is testament to what Recast is offering the media landscape.
“Initially we will provide a temporary solution for key events. However, in parallel to this we will be taking time to reflect and refine our offering to ensure that we can provide an alternative content monetisation solution in such a fragmented landscape.
Recast’s traction to date has proven that it is offering a much needed solution for rights holders. Today’s news ensures that the company can continue to innovate to best serve sports rights holders and the wider media landscape.