Michael Jackson, the former chief executive of Channel 4, has reportedly walked away from his role as chairman designate of SeeSaw, as a dispute over financing threatens the online TV venture’s future.

Criterion Capital Partners, which bought SeeSaw from broadcast transmission firm Arqiva in early July, intended to bring in Jackson to lead a turnaround of the struggling online TV company.

The private equity firm, which also owns former AOL asset Bebo, had a transition agreement in place with Arqiva contingent on raising a multimillion-pound round of funding for SeeSaw by August 31st.

CCP is said to have run into problems with the lead backer in the investment consortium Weston Capital and, as of the time of publication, no deal had yet been agreed.

The Guardian reports that Jackson will now not take up the role of SeeSaw chairman even if the financial deal is eventually finalised.

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