Game of one half: Sommet Sports fails with PledgeMe drive
If successful it would have been NZ's largest ever crowdfunding project.
Sommet Sports has failed in its bid to raise a minimum $300,000 via PledgeMe.
Founder Andrew Reeves hoped to raise up to $1.2 million to fulfil his dream of re-booting Sommet Sports as an internet channel, then ultimately returning as a fully-fledged Sky TV and Freeview channel.
But in the event the project passed its deadline with just $49,136 raised (PledgeMe does not process payments unless a project meets its target).
The original Sommet Sports went off air on December 12. The company was placed in liquidation after amassing debts of around $2.5 million, with broadcast transmission provider Kordia the largest creditor (see more details in NBR's February 9 story).
PledgeMe CEO Anna Guenther said if successful, Sommet Sports' fundraising would have been the largest on a New Zealand crowdfunding site.
Other avenues appear closed. Corporate Restructuring Ltd's Victoria Toon tells NBR she was unable to find a trade buyer for the sports channel.
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Game of one half: Sommet Sports fails with PledgeMe drive
45119