Two "white knights" have emerged for creditors owed more than $20 million from the collapse of sports technology firm PlayUp, in a deal that could also see former directors and executives of the failed company recoup funds.

Among those creditors are billionaire Bruce Mathieson, Asciano and Investa Office Fund director Geoff Kleeman, PlayUp founders George Tomeski and Luke Bunbury, who oversaw the collapse of PlayUp despite it raising $100 million from high-profile investors.