Setanta board 'considering options'

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A potential deal with US tycoon Len Blavatnik's Access Industries, thought to be worth £20 million in return for a 51% stake in the broadcaster, collapsed after "a number of issues" were not resolved in time, the investor said.

The news comes as a further blow for Setanta, which on Friday lost its licence to broadcast 46 Premier League football matches next season after failing to meet "certain contractual obligations".

In a statement, the Premier League said: "It is with considerable regret that we announce that Setanta has been unable to meet their obligations.

"As such, the existing licence agreement between us has been terminated with immediate effect."

Setanta is attempting to stave off administration by raising funds to help pay TV rights bills, which include the FA Cup and Scottish Premier League (SPL).

The broadcaster released a statement which said: "The board of Setanta notes the statement issued by the Premier League and will consider its options over the weekend. In the meantime, Setanta's sports channels continue on air."

Setanta was given a deadline of Friday to meet demands relating to the final season of its £392 million three-year deal.

The Premier League had already launched an emergency tender of the matches, which are for the 2009/10 season, and they will now go ahead with the sale.

It was hoped Mr Blavatnik could prove a white knight for the Irish firm, which started taking new subscriptions again this week on hopes of a rescue. Big Brother maker Endemol has also been linked with an investment.