The football Premier League this afternoon warned Setanta that it would auction off the stricken broadcaster's 46 live matches for next season if it did not make this Friday's payment deadline.

Setanta is due to pay the football authority more than £30 million, and the Ireland-based outfit has been scrabbling to raise the funds to comply.

Russian tycoon Len Blavatnik and the Dutch media group Endemol - famed for its Big Brother television show - have held talks over bailing it out.

Blavatnik's Access Industries business tabled a £20 million offer for 51% of Setanta, along with other investors.

The Premier League today said: "Although the Premier League would like to provide Setanta with as much time as possible to rearrange its finances, the start of the 2009-10 season is only two months away, with the release of fixtures imminent.

"Accordingly, the Premier League has notified Setanta that if necessary the existing licence agreement between us will be terminated, coming into effect if Setanta does not meet certain contractual requirements of the Premier League on or before Friday 19 June 2009.

Setanta sources said they were hopeful the proposed refinancing would be completed in time to meet the deadline. Setanta has struggled as it has failed to reach its target number of subscribers.