The Bike Channel was launched in 2012 in Italy by Filippo Ubaldini, a former country manager with Scripps.
It later added the UK, where it was broadcast across Sky, Freesat and Virgin.
Ubaldini resigned as CEO in July and put his stake up for sale.
Administrators FRP Advisory say they intend to “realise value from the assets in the interests of creditors.”
Six staff have been made redundant.