Tycoon confirms Setanta rescue bid

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The £20 million offer for 51% of Setanta is aimed at securing the future of the cash-strapped Irish broadcaster by helping it avoid administration.

The Irish-based broadcaster has around 1.2 million subscribers, but that is short of the reported 1.9 million it needs to break even.

Setanta's potential white knight founded Access Industries, a privately owned industrial group, in 1986. It also has interests in Top-up TV, which is Freeview's pay TV service, Israeli television's Sport 5 and online sports provider Perform Group.

Access currently has a holding of less than 5% in Setanta.

A statement from the firm said: "Access Industries can confirm that this morning it submitted a proposal to the board of Setanta to acquire a majority interest in Setanta, refinancing the company.

"The Access proposal is subject to a number of pre-conditions being met.

"Access believes that this proposal would secure the future of the broadcaster for customers, football and employees."

The spokesman said he was unable to disclose the terms of the proposal.

Setanta has TV rights including the FA Cup, World Cup qualifiers, Premier League, Scottish Premier League, and the Blue Square Conference - but is struggling to pay for them as customer numbers have dwindled in the recession.