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| Version 1 | Version 2 |
|---|---|
| Offer made for stake in Setanta | Offer made for stake in Setanta |
| (about 1 hour later) | |
| US investor Len Blavatnik is offering £20m in return for a 51% stake in the troubled Irish pay-tv channel Setanta, the BBC has learned. | US investor Len Blavatnik is offering £20m in return for a 51% stake in the troubled Irish pay-tv channel Setanta, the BBC has learned. |
| Mr Blavatnik is also involved with Top-up TV, the pay-tv channel on Freeview. | Mr Blavatnik is also involved with Top-up TV, the pay-tv channel on Freeview. |
| BBC business editor Robert Peston said Mr Blavatnik's intervention could buy Setanta some extra time to stave off "the great day of reckoning". | BBC business editor Robert Peston said Mr Blavatnik's intervention could buy Setanta some extra time to stave off "the great day of reckoning". |
| Setanta has been hit by not having enough subscribers and only winning one of the English Premier League packages. | Setanta has been hit by not having enough subscribers and only winning one of the English Premier League packages. |
| Source close to the Setanta said that it had received an offer for the majority of the company, which the board was recommending, though added it was subject to a closer look at the company's accounts. | |
| SETANTA'S SPORTS Premier LeagueScottish Premier LeagueBlue Square PremierIPL cricketUS PGA Tour golfBoxing Q&A: Setanta and you Why Setanta Sports is in trouble Your comments | SETANTA'S SPORTS Premier LeagueScottish Premier LeagueBlue Square PremierIPL cricketUS PGA Tour golfBoxing Q&A: Setanta and you Why Setanta Sports is in trouble Your comments |
| Setanta won two of the packages of live games in the previous auction, which covers games until the end of next season. | Setanta won two of the packages of live games in the previous auction, which covers games until the end of next season. |
| On Wednesday, Setanta confirmed it had stopped taking on new customers as it battles to secure its future. | On Wednesday, Setanta confirmed it had stopped taking on new customers as it battles to secure its future. |
| Mounting debts | Mounting debts |
| Mr Blavatnik, who works with the former boss of BSkyB David Chance, has not been immune from the fall-out of the credit crisis. | Mr Blavatnik, who works with the former boss of BSkyB David Chance, has not been immune from the fall-out of the credit crisis. |
| A huge petrochemicals maker he backed, LyondellBasell, has collapsed, meaning big losses for its creditors, which include Royal Bank of Scotland. | A huge petrochemicals maker he backed, LyondellBasell, has collapsed, meaning big losses for its creditors, which include Royal Bank of Scotland. |
| Setanta's talks with fellow broadcaster BSkyB failed, while Walt Disney-owned sports network ESPN denied speculation on Thursday that it would buy the beleaguered broadcaster. | |
| [Mr Blavatnik's] hope is that - at the very least - his intervention will buy Setanta some time Robert Peston, BBC business editor Read Robert's blog | |
| Setanta, which shows cricket, golf and rugby union as well as football, has about 1.2 million subscribers. | Setanta, which shows cricket, golf and rugby union as well as football, has about 1.2 million subscribers. |
| But this is only about 60% of the number it needs, according to analysts, and the company is losing up to £100m a year. | But this is only about 60% of the number it needs, according to analysts, and the company is losing up to £100m a year. |
| Setanta needs to pay £30m that is due to the English Premier League and has already failed to pay the Scottish Premier League £3m it owes in television rights money. | Setanta needs to pay £30m that is due to the English Premier League and has already failed to pay the Scottish Premier League £3m it owes in television rights money. |
| Under the current UK broadcast deal for the English Premier League, which lasts for one more season, BSkyB holds four packages of rights to show live matches - a total of 92 games - while Setanta has the other two packages, which cover 46 games. | Under the current UK broadcast deal for the English Premier League, which lasts for one more season, BSkyB holds four packages of rights to show live matches - a total of 92 games - while Setanta has the other two packages, which cover 46 games. |