Streaming platform Recast has successfully exited administration following the acquisition of its assets by Content Technology Partners (CTP). The deal, backed by Recast's founder Andy Meikle and former Manchester United executive vice-chairman Ed Woodward, comes after Recast was put into administration last month.
The acquisition of Recast's assets by CTP has been facilitated by significant backing from key investors. Their support has been instrumental in the successful completion of the deal.
CTP has confirmed that they are now in discussions with Recast’s previous publishers, indicating a potential continuation of the platform's existing partnerships.
According to Sky News, a small number of Recast's staff have been transferred to the new owner, CTP. However, the majority of the workforce was made redundant following the administration process. The exact number of staff affected by this change has not been disclosed.
Recast's journey into administration
Recast was forced to appoint Interpath Advisory as administrators last month after a financing commitment from a major investor fell through. The company operates a unique over-the-top (OTT) platform that allows fans to watch specific content in exchange for micropayments.
Recast has previously operated channels for Premier League giants Manchester City and Serie A titans Inter Milan, as well as for the Extreme E motorsport series.
What next for Recast?
Despite the recent challenges, Recast anticipates that its platform will be available in a limited capacity as early as October 11. This suggests a swift recovery and a promising future for the platform under the new ownership of CTP.
The acquisition by CTP and the backing of influential figures like Ed Woodward and Andy Meikle could provide the necessary boost for Recast to regain its footing in the sports streaming industry. This development is likely to be closely watched by sports fans and sports betting fans alike, who will be keen to see how the platform evolves under its new ownership.
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