Report: Ouya putting itself up for sale

After emerging as one of the most funded Kickstarter campaigns three years ago and a potential alternative to big-name video game consoles like Xbox and PlayStation, Ouya is reportedly putting itself up for sale.

According to Fortune, Ouya has been unable to restructure its debt, forcing the company to seek out a potential buyer. The report cites a confidential email from Ouya CEO Julie Uhrman.

"Given our debtholder's timeline, the process will be quick," writes Uhrman in the reported email.

Following a successful Kickstarter campaign that netted $8.5 million in funding in 2012, Ouya launched the video game console in June 2013. The company attempted to shake up the video game console business with a low-cost device -- available for $99 -- and a large library of Android games, all of which featured free demos.

"The consoles are still incredibly expensive," Uhrman said in a USA TODAY interview right before Ouya launched. "The business model hasn't changed. We offer something very different. We really carved out our own space."

Despite multiple retail partnerships with Best Buy and Target, Ouya failed to catch on with consumers. However, earlier this year, a Wall Street Journal report claimed the company received $10 million in funding from Chinese e-commerce giant Alibaba.

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