Financial woes hit Recast Sports when an investor defaulted on a promised funding package. As a result, Alistair McAlinden and Chris Pole of Interpath Advisory were appointed as joint administrators on 22 September.

The joint administrators of Recast Sports Limited have now completed the sale of the business and assets to Content Technology Partners Limited.

Four members of staff, who were retained by the joint administrators, have transferred to the purchaser as part of the transaction.

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.

Post-acquisition, CTP has confirmed it 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, 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.”