Recast reignites as administrators confirm asset sale
- Content Technology Partners Ltd. (CTP) purchase assets from Recast Sports Ltd. out of administration
- Recast, under new ownership, will provide a solution to Publishers as they develop a refined offering
- CTP is backed by a number of investors, most notably Gavin Petken, former Head of Investments at Business Growth Fund and Ed Woodward, former Executive Vice-Chairman of Manchester United.
4 October 2023. FOR IMMEDIATE RELEASE:
Interpath have announced that administrators, Alister McAlinden and Chris Pole have secured the sale of Recast Sports Ltd’s assets.
A statement, which was released by Recast on Friday 22nd September 2023, confirmed that despite recently securing a further funding commitment from a major investor, delays and failure to provide the required funds suddenly left Recast Sports Ltd facing significant cash flow challenges which resulted in appointing restructuring advisor, Interpath.
Interpath have confirmed a buyer has been established in Content Technology Partners Ltd (CTP), which has acquired Recast’s assets with the aim of refining the offering that has been developed since it was founded in 2018.
CTP is backed by a number of investors, most notably Gavin Petken, former Head of Investments at Business Growth Fund and Ed Woodward, former Executive Vice-Chairman of Manchester United.
CTP have confirmed they are 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 Wednesday 11th October.
In light of the news Andy Meikle, Recast’s Founder 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 Recast can continue to innovate to best serve sports rights holders and the wider media landscape.