It is reported that Setanta will raise about €320m in equity and debt in order to help fund its £392m live English Premier League for which it acquired PGA Tour rights.
Setanta has already raised €70m from the sale of the North American Sports Network, a specialist channel showing American sports in Europe, to ESPN. This deal will close shortly.
The balance of the funds is expected to come out of London, with fundraising is being led by JP Morgan. Benchmark Capital Europe, the private equity company is expected to retain its 40 per cent stake in Setanta, but AIG Global Sports & Entertainment’s stake is expected to be diluted.
Under the deal, TV3 would also hope to leverage some of Setanta’s live sports output. Setanta has already sold on some of its exclusive live rights to the 2007 Rugby World Cup to the broadcaster.
