Yoonew, the experimental US ticketing website, has closed down blaming the bankruptcy of its payment processing company, as well as a lack of funding and the weak    economy.

The site allowed users to buy and sell options for sporting events including Super Bowl and the European Football Championships.

The system worked by allowing fans to purchase ticket futures months in advance at low market based prices. In other words, fans took a gamble that their team would reach the championship. If the team made it, the fan was guaranteed tickets but if they didn’t the contract holder lost their investment.

The Yoonew concept had many fans but its originality was also contested. The company, along with Viagogo and Option It, was fighting a patent infringement case brought by First DIBZ, a ticketing website which alleges that Yoonew and the others, used its concept. The case is still pending and First DIBZ has had its own problems, having fallen victim to fraud last year.