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#326846 - 9th Jun 2009 9:00am Setanta "On Brink Of Collapse"
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
Originally Posted By: BBC News
Setanta faces administration "within days" unless backers provide more funds to pay 30m it owes to the English Premier League, reports suggest.

The broadcaster has already failed to pay the Scottish Premier League 3m it owes in television rights money.

Setanta, which also shows cricket, golf and rugby union, has about 1.2 million subscribers, but is losing up to 100m a year, analysts say.

Deloitte is set to step in to run the firm if it goes into administration.

Ive been touting this on these forums for a few years now, it was pretty obvious imho, they bought up some weak sports rights, and tried flogging them in the same vein as Sky Sports. They had neither the experience or the sports to justify the rediculous price tag.

Throwing it into the Virgin Media packs for free, and then taxxing everyone else dearly, was never going to work in the long-term and never made financial sense. It also stinks of anti-competitiveness, if it were Sky, you could bet ya life that they would have been screwed over by the competition commission and/or Ofcom....

And this is despite the fact they have a massively higher reach than Sky Sports has ever had.

Now get the darn message and FOOK OFF SETANTA!! Absolute scum of the earth, anyone who has ever subscribed (not me fortunately), good luck actually cancelling... phone a premium rate number and get put on hold for 30 minutes, and then half the time they still dont cancel it for you, and on the odd occasion they do, they hold you into the contract for a further 60 days from the day you wish to cancel... cancel the direct debit and they send in the debt collectors within days!!

BBC News Report

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#326847 - 9th Jun 2009 9:02am Re: Setanta "On Brink Of Collapse" [Re: MattLFC]
DJ_Karl_David Offline

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Registered: 4th May 2009
Posts: 1151
Loc: Birkenhead
there coverage is usually shite anyway

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#326940 - 9th Jun 2009 7:11pm Re: Setanta "On Brink Of Collapse" [Re: DJ_Karl_David]
_jase_
Unregistered


Hmmmmmmmmmmmm thinkso whats going to happen with (lfc tv ,chelsea tv arsenal tv, mutv,rangers tv, celtic tv) as they are part of Setanta. would they go to.

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#326941 - 9th Jun 2009 7:24pm Re: Setanta "On Brink Of Collapse" [Re: ]
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
Doubt anyone really cares, and MUTV isnt Setanta because Sky partly owns it, and Chelsea TV is soley owned by Chelsea.

And I see they are no longer accepting new subscribers... the first sign of a crippled company is that!

Im afraid we have been here before... the ITV Digital fiasco and the NTL Premiership Plus fiasco, and gues who, on both occasions, has had to step in to bail football clubs out... yep, you guessed it, Sky!

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#326943 - 9th Jun 2009 7:29pm Re: Setanta "On Brink Of Collapse" [Re: MattLFC]
Shadow_Omega Offline

Wise One

Registered: 29th Apr 2009
Posts: 871
Loc: Leasowe
never liked the idea of this channel in the first place. i hope it colapses entirely

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#327105 - 10th Jun 2009 12:38pm Re: Setanta "On Brink Of Collapse" [Re: Shadow_Omega]
_jase_
Unregistered



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#330930 - 19th Jun 2009 12:48pm Re: Setanta "On Brink Of Collapse" [Re: ]
_jase_
Unregistered



Setanta payment deadline looming

Setanta has until the end of Friday to pay the next instalment of the 30m it owes the English Premier League, or risk losing its games for next season.

The League has threatened to sell the rights to the 46 live matches Setanta is supposed to be showing in the 2009/2010 season to the highest bidder.

Setanta has been struggling to make its payments to the sporting bodies from which it buys television rights.

It is currently in talks about possible outside investment.

Setanta is running at an estimated loss of 100m a year, after missing subscriber targets.

Due diligence

Earlier this week Setanta reopened its website to new subscribers - having closed it for several days.

Late last week, Access Industries, controlled by the US investor Len Blavatnik, tabled a 20m bid for a 51% share in Setanta.

He and other investors have been carrying out intense "due diligence" - examination of Setanta's books - which should be complete later on Friday.

There have also been reports that Dutch media firm Endemol and other investors are interested in taking a stake of up to 49% in the company.

Meanwhile, Balderton Capital, Doughty Hanson and Goldman Sachs - the three investment organisations which own close to half of the Irish broadcaster - have yet to reveal whether they are prepared to pump in more money to keep Setanta afloat.

Of the 30m Setanta is believed to owe the Premier League - to cover the 2009/2010 season, it is understood that it paid 10m on 12 June. Another 10m is due on Friday, with the balance due in July.

'Interested in rights'

Deloitte has been lined up as administrator if Setanta's efforts to secure long-term finance fail.

If Setanta does not pay the money on Friday, the Premier League would then regain control of its television rights at 2300GMT and put Setanta's 46 games up for auction. Interested bidders would have to make an offer by Monday, the BBC understands.

Several broadcasters may be interested in the rights, including Disney-owned sports broadcaster ESPN. It lost out on the 2010 to 2013 Premier League rights when they were up for grabs earlier this year.

"We are aware that the Premier League has issued an invitation to tender for which the rights may or may not go to auction next Monday," said an ESPN spokesman.

"As we have always said, we continue to be interested in rights where they are available and where they make business sense".

The Irish broadcaster's predicament has also affected the Scottish Premier League after it defaulted on a payment of 3m for part of last season's coverage fees.


THE BBC

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#331045 - 20th Jun 2009 12:39am Setanta Loses Premiership Rights [Re: ]
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
TopUp TV owner, Len Blatnavik, withdraws his offer to rescue Setanta following his period of due dilligence and seeing the true state of their books, and hammers the death nail for the troubled Irish broadcaster...

Originally Posted By: BBC News
Troubled pay-TV sports broadcaster Setanta has failed to pay the latest chunk of the 30m it owes the English Premier League - losing the rights.

A potential rescue deal, led by a US investor who had proposed buying 51% of Setanta, had fallen through.

The league will now put the rights to the 46 live matches for the 2009/2010 season out to auction, after Setanta missed Friday's payment deadline.

Offers to buy the rights need to be made by Monday.

The Board of Setanta said it would "consider its options over the weekend".

"In the meantime, Setanta's sports channels continue on air," it added.

And who'd av guessed it? Not far off two years to the day lol!

laugh

On a sidenote, it is good to see that one of the major TUTV shareholders has sense, is adds a bit of confidence in the future of the TUTV service.

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