Setanta hoping for extra time reprieve as debts pile up

THEY’RE one nil down and time’s nearly up. Cash-strapped broadcaster Setanta needs to find just over €100m to meet its short-term obligations to the Premiership and the English FA.

Despite ongoing negotiations, it’s reported that the English Premier League has refused Setanta an extension on the £60m (€67m) instalment due this month under the terms of its contract to broadcast Premiership matches live. Add in the £35m (€39m) that the English FA is expecting by this Friday, and Setanta has a serious problem. While the company maintains that there is no prospect of default, it’s difficult to see in the current climate where it’s going to find the cash.

Things started to go wrong for Setanta in February, when the Premier League contract came up for renewal. In advance of negotiations, Setanta had been working very hard behind the scenes to accumulate the kind of funding necessary to secure the lion’s share of broadcasting rights. This was never going to be easy.