Insolvency specialist Leonard Curtis was appointed as receiver of Worldsport Networks Europe in July, when almost half of the 180 staff were made redundant.
A backer could not be found to keep the company alive.
The collapse of the start-up, which provided websites for international sports federations, follows a slow-down in second round venture capital funding after new economy market jitters.
The venture was a wholly owned subsidiary of Dublin-based World Sport Networks, which is not in receivership, but had invested ‘substantial’ money in the company whose assets are worth an estimated #500,000.
Curtis partner and joint administrative receiver Stephen Swaden explained cost-cutting measures had kept the business afloat through the summer.
‘However, large amounts of money were being spent on staff for which the income stream was inadequate,’ he added.
He also said the company did not have a designated financial director, but company accountants were responsible for finances.
Chief executive officer Robert Harding resigned in July.
Worldsport.com was set up two years ago by entrepreneur Alan Callan whose team included Olympic medallist and former head of Channel Four Sport, Adrian Metcalfe.
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