Administrators were appointed in July at which time half of the company’s 180 staff were laid off. They have been searching for investors ever since but have now announced that none could be found. The company at least £5.4 million to pay off its debts, including a significant unpaid tax bill.
The company’s administrators said that there are sufficient funds to pay three months of severance pay to remaining staff.
The site had secured a deal with the General Association of International Sports Federations to web-cast its members sporting events for which it paid each member around £40,000. However, TV broadcasters had prior rights, meaning that Worldsport.com was obliged to broadcast events after a 24 hour time lag. The delay meant it lost out on potentially lucrative advertising.