01-10-2012, 12:04 AM
Wazoo Sports, a London-based company that broadcasts and Webcasts high school sports, has filed for Chapter 11 bankruptcy protection and anticipates being sold.
In its court filings, the company said it had been unable to raise new financing. The move came about the same time the company lost its major television outlets: NBC affiliate WLEX (Channel 18) in Lexington and ABC affiliate WHAS (Channel 11) in Louisville dropped Wazoo's programming.
Wazoo Sports filed for bankruptcy protection in London on Dec. 29, listing debts of more than $3.12 million to its top 20 creditors.
In its filing, the company noted it has been approached by "several" potential buyers, and the bankruptcy filing is being done to sell the company as a whole or reorganize it with one of the interested buyers. It's anticipated that could "be quickly accomplished during the first quarter of 2012," according to the filings.
Executives with Wazoo Sports could not be reached for comment Monday.
In recent years, the company had grown beyond its roots of Webcasting high school sports and was broadcasting and Webcasting some NCAA, NAIA and other youth sports. Since starting TV broadcasting in December 2008, it has aired programming in five markets, according to its bankruptcy filings.
Beyond its current sporting events, the company has the rights to air some past University of Kentucky basketball games, according to the filing. It also has contracted with the Lexington Legends and Louisville Bats minor-league baseball teams to air past home games "and anticipates continuing this arrangement for the 2012 season."
The Herald-Leader and its Web site, Kentucky.com, had partnered with Wazoo to Web cast high school sports, but that relationship ended.
Wazoo Sports' revenue comes primarily from selling advertising and also from license fees paid by companies that carry its programming. But the business model for Wazoo Sports, which has two salaried employees and one hourly worker, has caused some of its woes.
http://www.kentucky.com/2012/01/09/20221...ports.html
In its court filings, the company said it had been unable to raise new financing. The move came about the same time the company lost its major television outlets: NBC affiliate WLEX (Channel 18) in Lexington and ABC affiliate WHAS (Channel 11) in Louisville dropped Wazoo's programming.
Wazoo Sports filed for bankruptcy protection in London on Dec. 29, listing debts of more than $3.12 million to its top 20 creditors.
In its filing, the company noted it has been approached by "several" potential buyers, and the bankruptcy filing is being done to sell the company as a whole or reorganize it with one of the interested buyers. It's anticipated that could "be quickly accomplished during the first quarter of 2012," according to the filings.
Executives with Wazoo Sports could not be reached for comment Monday.
In recent years, the company had grown beyond its roots of Webcasting high school sports and was broadcasting and Webcasting some NCAA, NAIA and other youth sports. Since starting TV broadcasting in December 2008, it has aired programming in five markets, according to its bankruptcy filings.
Beyond its current sporting events, the company has the rights to air some past University of Kentucky basketball games, according to the filing. It also has contracted with the Lexington Legends and Louisville Bats minor-league baseball teams to air past home games "and anticipates continuing this arrangement for the 2012 season."
The Herald-Leader and its Web site, Kentucky.com, had partnered with Wazoo to Web cast high school sports, but that relationship ended.
Wazoo Sports' revenue comes primarily from selling advertising and also from license fees paid by companies that carry its programming. But the business model for Wazoo Sports, which has two salaried employees and one hourly worker, has caused some of its woes.
http://www.kentucky.com/2012/01/09/20221...ports.html