UK pay-television sports broadcaster Setanta underwent emergency talks yesterday to refinance the business and save it from administration, according to a source close to the company.
The group is a privately-backed company whose shareholders include its management team and investors. The source was keen to emphasise that the business was not in administration.
“The company is not in administration. The board is continuing to pursue options for the refinancing of the business,” the source told Reuters.
UK media reports have said that Setanta has been trying to sell an equity stake to companies including BT and Disney's ESPN, in an attempt to raise between £30 million and £50 million.
Setanta's business model was thrown into trouble this February after it lost a package of Premier League rights it currently holds from 2007-08 to 2009-10. The broadcaster currently has 1.2 million subscribers, but needs 1.9 million to break even.
