The sale of Setanta Sports cools

The Irish based pay per view live sports and news channel Setanta would appear to have cancelled all ideas of a quick sale for the entire network.

There had been some initial interest in the network, from the likes of BT, ITV and Virgin Media. The company had even enlisted the services of the investment bank Goldman Sachs, who had set out some plans which included the basic paperwork needed.

However this auction never really got started, it could have been the asking of £1 billion that put some of the potential buyers off, but that would seem to be harsh. After all, they had expressed an interest and the channel does have the TV rights to broadcast live Premier League and Scottish Premier League matches, so there are some valuable assets there.

What Setanta does next is going to be largely up to the major shareholders, to whom the management team will have to go to for more funding, if they are going to be able to bid for any more sporting events.

Story link: The sale of Setanta Sports cools