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Message-ID: <6B75EF096AE0BE428B8CEDEA89C5F63278236E@exchange01.lab49.com> · Fri Mar 09 18:48:02 2001 UTC

Sorry JP, I know you liked these guys...they could have used our help.

Basketball Site HoopsTV Gets Fouled By Investors, Shuts Down
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ROSEMONT, Penn. (VENTUREWIRE) -- HoopsTV.com, which operated a Web-based,
24-hour basketball network featuring playground, high school, college, and
professional basketball content, has shut down. According to a former
employee, HoopsTV laid off about five of its 50 employees five months ago
and then laid off 20 more three months ago. When the company wasn't seeing
enough revenues, it began working on offline projects including a
basketball video it released. ESPN also expressed an interest in a TV show
that HoopsTV pitched. "We thought the show was getting picked up," the
source said. "We were really close, they just needed to sign." When the TV
show fell through, the undisclosed investors the company had lined up for
its third round pulled out. "The revenues from the ads and sponsorship
model couldn't support the business," the source said. HoopsTV received
$16 million in cash and $4 million in marketing deals in its second round
of funding in December 1999 from Footstar, Safeguard Scientifics, and TA
Associates. 
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http://www.hoopstv.com