Wellington-based CricHQ – which in March touted its ambitions to become the world’s biggest cricket broadcaster — has been placed into receivership with KordaMentha partners Neale Jackson and Brendon Gibson appointed receivers.
Jackson said the company had effectively exhausted its options to secure its working capital needs. CricHQ employs 22 staff in New Zealand and has subsidiaries in the UK and India.
CricHQ runs a web site that offers cricket fans live game viewing, data management and content generation. It recently added cricket administration and competition management for clubs. The company claims to record one in every 10 balls bowled in organised cricket globally.
The company said that, despite innovation, technical development and new business wins it had been unable to attract sufficient investment capital to fund its growth.
“The constantly evolving sports media and data marketplace has made it difficult to convert serious interest into investment. CricHQ has been - and continues to be - in discussion with a number of global cricket stakeholders but the deal-making process has been complicated by the rapidly changing market, and today the cash-flow demands of the pace have exceeded the company’s capacity to progress,” it said.
“In these circumstances, the directors have asked CricHQ’s secured creditor to appoint receivers to run a sale process."
Chairman Kevin Roberts said the board fully supportive of the receivership process. “Over seven years and with over $20m invested to date, CricHQ has developed award winning technology - not just a cricket scoring app, it has now advanced to other areas such as competition management, having signed agreements with more than 50 of the world’s cricketing bodies,” he said.
Roberts was appointed chairman in December 2016 and promptly bought My Action Replay, saying he intended CricHQ to become the world's largest broadcaster of cricket.