Why Memcached Service Is Failing To Start On Ansible Tower Cluster Nodes ?

Issue

When I try to start / restart the memcached service on Ansible Tower nodes, the service is failing to start with one of the below errors.

systemctl status memcached.service 
● memcached.service - Memcached
   Loaded: loaded (/usr/lib/systemd/system/memcached.service; enabled; vendor preset: disabled)
   Active: failed (Result: exit-code) since Mon 2020-05-11 02:06:50 UTC; 7min ago
  Process: 7627 ExecStart=/usr/bin/memcached -u $USER -p $PORT -m $CACHESIZE -c $MAXCONN $OPTIONS (code=exited, status=71)
 Main PID: 7627 (code=exited, status=71)

May 11 02:06:50 ibm-p8-kvm-03-guest-02.virt.pnr.lab.eng.rdu2.redhat.com systemd[1]: Started Memcached.
May 11 02:06:50 ibm-p8-kvm-03-guest-02.virt.pnr.lab.eng.rdu2.redhat.com memcached[7627]: bind(): No such file or directory
May 11 02:06:50 ibm-p8-kvm-03-guest-02.virt.pnr.lab.eng.rdu2.redhat.com memcached[7627]: failed to listen on UNIX socket: /var/run/memcached/memcached.sock: No such file or directory
May 11 02:06:50 ibm-p8-kvm-03-guest-02.virt.pnr.lab.eng.rdu2.redhat.com systemd[1]: memcached.service: main process exited, code=exited, status=71/n/a
May 11 02:06:50 ibm-p8-kvm-03-guest-02.virt.pnr.lab.eng.rdu2.redhat.com systemd[1]: Unit memcached.service entered failed state.
May 11 02:06:50 ibm-p8-kvm-03-guest-02.virt.pnr.lab.eng.rdu2.redhat.com systemd[1]: memcached.service failed.

systemctl status memcached.service 
● memcached.service - Memcached
   Loaded: loaded (/usr/lib/systemd/system/memcached.service; enabled; vendor preset: disabled)
   Active: failed (Result: exit-code) since Mon 2020-05-11 02:16:20 UTC; 15s ago
  Process: 8338 ExecStart=/usr/bin/memcached -u $USER -p $PORT -m $CACHESIZE -c $MAXCONN $OPTIONS (code=exited, status=71)
 Main PID: 8338 (code=exited, status=71)

May 11 02:16:20 ibm-p8-kvm-03-guest-02.virt.pnr.lab.eng.rdu2.redhat.com systemd[1]: Started Memcached.
May 11 02:16:20 ibm-p8-kvm-03-guest-02.virt.pnr.lab.eng.rdu2.redhat.com memcached[8338]: bind(): Permission denied
May 11 02:16:20 ibm-p8-kvm-03-guest-02.virt.pnr.lab.eng.rdu2.redhat.com memcached[8338]: failed to listen on UNIX socket: /var/run/memcached/memcached.sock: Permission denied
May 11 02:16:20 ibm-p8-kvm-03-guest-02.virt.pnr.lab.eng.rdu2.redhat.com systemd[1]: memcached.service: main process exited, code=exited, status=71/n/a
May 11 02:16:20 ibm-p8-kvm-03-guest-02.virt.pnr.lab.eng.rdu2.redhat.com systemd[1]: Unit memcached.service entered failed state.
May 11 02:16:20 ibm-p8-kvm-03-guest-02.virt.pnr.lab.eng.rdu2.redhat.com systemd[1]: memcached.service failed.