Setanta owed £550 million


July 14, 2010

When the UK division of the sports broadcaster Setanta collapsed, there were plenty of rumours and reasons as to exactly why this happened, but not many would have predicted that the firm had debts amounting to around £550 million!

The debt is made up of money owed to creditors, the Football Association and the Scottish Premier League.

According to the final accounts published, the company owned £288 million in unsecured debt and had outstanding loans from the banks amounting to around £261 million.

However, the channel’s administrator Deloitte says that the unsecured lenders will receive around 2p in the pound, but even after that the channel it still left holding some serious debt.

It all started so well for Setanta, but expansion plans and taking on Sky Sports proved just too much in the end.






 

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