TimeSplitters developer Free Radical Design is now officially up for sale, providing the end-all verification to a set of rumors about the company about a week ago.
The word last week had Free Radical founder Steve Ellis setting up shop at a new studio, called Pumpkin Beach, taking with him some of his former company's coders. There was some question as to whether Free Radical was being shuttered, or simply in administration, and also how many others lost their jobs.
It is in fact in administration, which means the company and its assets are for sale. Presumably that would include IP like TimeSplitters, and presumably it means someone could buy it without buying the developer outright, although severe cost-cutting makes the latter more reasonable. As for jobs, 140 people are being let go at the beginning of the year. Forty remain.