Setanta Sports goes into administration

| June 23, 2009 | 0 Comments

Just a few days after Irish pay-TV sports broadcaster Setanta lost the rights to show the English Premier League games, it has emerged today that the company has entered administration, despite the board‘s efforts to keep the company in operation.

The move will affect around 200 employees in Britain.

However, Setanta International and Setanta Ireland have not entered administration.

Administrator Deloitte has been on standby for a number of weeks as the cash-strapped broadcaster is facing losses of up to £100 million a year.

The company, which broadcasts football, cricket, golf and rugby union, has around 1.2 million subscribers. However, according to analysts, this is well below the 1.9 million it needs to break even.

According to Deloitte, broadcasting in Great Britain is to cease and the company will immediately stop collecting subscription payments.

Anyone unsure of what this means for their subscription are advised to visit the Setanta website, explains Neville Kahn of Deloitte.

Sir Robin Miller, chairman of Setanta, said: “This is a sad day for all concerned. Unfortunately, in a difficult and highly competitive market, and despite strenuous efforts by the board and management, it has not been possible to find sufficient additional funds in the time available to ensure its survival.”

Setanta has been dealt many blows over the last few days with the English Premier League terminating its deal with the broadcaster last week after failing to meet its financial obligations, while the Scottish Premier League (SPL) pulled the plug on its live football deal yesterday.

The SPL has confirmed it is seeking a new buyer for its domestic broadcasting rights.

Tags: , Setanta

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