US tycoon tables €23m rescue bid

US tycoon Len Blavatnik has confirmed he has tabled a proposed rescue deal for cash-strapped Irish broadcaster Setanta.

The €23.5 million offer for 51% of Setanta is part of what is believed to be an overall €50m rescue plan, which involves Setanta founders Michael O’Rourke and Leonard Ryan, as well as other shareholders, investing the balance.

Setanta’s potential white knight, who already owns 3% of Setanta, founded Access Industries — a privately owned industrial group — in 1986. Access also has interests in Top-up TV, Freeview’s pay TV service, Israeli television’s Sport 5 and online sports provider Perform Group.