Info Setanta faces £25m bill -
Setanta faces £25m bill
setantaIrish-based pay-TV operator Setanta has to pay a major bill for £25m next month. The payment, to the English Premier League, covers a part-payment for Setanta’s 2009-2010 premiership soccer games. The problem is that the broadcaster is financially strapped.
Rapid TV News, on April 7, explained that Setanta is reportedly looking to raise up to £100m to help finance its future operations and potential expansion. Setanta is in partnership with ITV to broadcast another batch of soccer games, notably the Football Association’s (FA) England home friendly matches. Setanta is reportedly examining every aspect of its sports portfolio for value.
The problem is that if – for any reason – it drops the FA coverage, the bill will contractually fall at ITV’s door, and cost a reported £2m a game.
There has also been a board shakeup at Setanta, with the resignation of the company's director of corporate development and the appointment of two new directors.
Richard Brooke, a former finance director at BSkyB, quit Setanta on March 31 after about four years with the company.