Setanta seeks time and backers


June 2, 2009

The satellite sports broadcaster, Setanta, has found help from its backers, the private equity firms Doughty Hanson and Balderton Capital, and Goldman Sachs, who appear to have offered the struggling firm £50 million.

But that is only half of what the broadcaster needs.

Setanta has already asked Sky TV if it would buy Setanta sports programming wholesale for £50 million, but the satellite rival turned this offer down.

Setanta has an estimated 1.2 million subscribers, but even so, it has until the 15th June to find £35 million in order to make the next instalment to the FA for the live Premier League games that it is contracted to buy.

It seems that Setanta must find ways of cutting the huge payments that it is committed to, and the company is attempting this with the Scottish Premier League and the PGA Golf Tour.






 

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