Setanta is battling to save itself in crisis - Business - Evening Standard
       

Setanta is battling to save itself in crisis

Irish pay-TV firm Setanta and accountants Deloitte were tonight locked in renewed talks as they battle to save the business from administration.

Setanta's founders Michael O'Rourke and Leonard Ryan are leading refinancing efforts after the firm missed a £3 million payment to the Scottish Premier League last week. Setanta also owes the English Premier League £30 million.

Neville Khan, the reorganisation services partner who oversaw the administration of Woolworth's, is understood to be advising Setanta.

Sources indicated there were still "a few options" and Setanta is not certain to collapse into administration, despite intense speculation it could happen within hours.

O'Rourke and Ryan need to raise up to £100 million to keep the giant going but leading investors Doughty Hanson and Balderton Capital have been reluctant to inject all the extra capital.

Sky vehemently denied that the crisis at its smaller rival had been brought on because of Sky's "aggressive bidding policy".

Setanta has debts of more than £500 million.

Comments

Don't Miss
Rock star: Erin Wasson

Rock star

Erin Wasson is the ultimate anti-supermodel
Maybe it’s because she’s a Londoner … Happy anniversary, Ma’am

Happy anniversary

The monarchy has become stronger and more respected in the past 60 years
Victoria Coren: My obsession with children, five proposals a week and why David and I are no power couple

Victoria Coren

David Mitchell and I are no power couple
The Royal Academy of Arts Summer Exhibition preview party

Summer party

Stars at the The Royal Academy of Arts
London gets ready for the Diamond Jubilee - in pictures

Diamond Jubilee

London gets ready - in pictures
The Glamour Awards - stars turn on the style

Glamour Awards

Stars turn on the style
Duchess of Cambridge is pretty in pink at her first Buckingham Palace garden party

Garden party

Duchess of Cambridge is pretty in pink
FIRST review of Ridley Scott's latest sci-fi blockbuster Prometheus

First review

Is Ridley Scott's Prometheus any good?
Fair-weather goths

Fair-weather goths

The sultry shades of summer darks are coming out of the shadows
Dog save the Queen: Corgis surge in popularity

Dog save the Queen

Corgis surge in popularity