It has been reported that Michael Jackson, former chief executive of Channel 4, has walked away from his role as chairman designate of SeeSaw.
The online TV company was bought over by Criterion Capital Partners in July, saving the company from closure.
The Guardian has reported that Criterion Capital Partners has run into problems with the lead backer in the investment consortium Weston Capital, which has led to delays in the project.
It is understood that even if the financial problems are solved, Jackson will not take up the role of chairman.
Earlier this week it was revealed that Channel 4 has come off the service.