Setanta seeks funds
April 6, 2009
Irish sports pay broadcaster Setanta has held a fresh round of talks with private equity firms in a bid to raise up to £100 million (E110m) following the pay-television company's failure to retain both its Premier League football rights packages beyond 2010.
In February, Setanta won the auction for only one of the six available live broadcast packages for Premier League football the season after next. That outcome forced Setanta to review its business model, previously based on financing bids for TV rights with fresh capital, before recouping it through subscriptions.
The TV company has considered handing back some of its portfolio of sports rights and is looking closely at the value of all its assets. It owns rights to the Scottish Premier League and shows some England international matches and FA Cup ties.