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10/06/2009
Setanta Rescue Underway
Troubled Irish broadcaster Setanta Sports are exploring a number of "live options" to avoid being placed into administration later this week.
The broadcaster's board of directors met last night in London with a spokesman for the company confirming that a "number of live options" to rescue the group were being considered.
This week it emerged that the channel had suffered losses of €173 million and could be forced into administration this week after failing to make payments due on TV rights to the premiership and Scottish soccer leagues.
It is understood that Setanta's founders, Irishmen Michael O'Rourke and Leonard Ryan, and a group of investors led by Goldman Sachs are seeking to put together a £40 million package to rescue the channel.
The board are believed to be around £5-10 million short of the target at the start of this week but a leading law firm in Ireland is said to have approached a number of the nations big earners in a bid to raise funds for the rescue deal.
Setanta also sought to renegotiate its other sports rights deals. These include the Scottish Premier League (SPL), PGA golf in the United States and live FA Cup and England away soccer internationals. It was seeking discounts of up to 25 per cent from rightsholders.
Setanta has about 1.2 million premium subscribers but, according to analysts, needs 1.9 million to break even. Informed sources said it was close to breaking even but the loss of the Premier League rights raised questions about its ability to retain its existing customer base.
The broadcaster's board of directors met last night in London with a spokesman for the company confirming that a "number of live options" to rescue the group were being considered.
This week it emerged that the channel had suffered losses of €173 million and could be forced into administration this week after failing to make payments due on TV rights to the premiership and Scottish soccer leagues.
It is understood that Setanta's founders, Irishmen Michael O'Rourke and Leonard Ryan, and a group of investors led by Goldman Sachs are seeking to put together a £40 million package to rescue the channel.
The board are believed to be around £5-10 million short of the target at the start of this week but a leading law firm in Ireland is said to have approached a number of the nations big earners in a bid to raise funds for the rescue deal.
Setanta also sought to renegotiate its other sports rights deals. These include the Scottish Premier League (SPL), PGA golf in the United States and live FA Cup and England away soccer internationals. It was seeking discounts of up to 25 per cent from rightsholders.
Setanta has about 1.2 million premium subscribers but, according to analysts, needs 1.9 million to break even. Informed sources said it was close to breaking even but the loss of the Premier League rights raised questions about its ability to retain its existing customer base.
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24 June 2009
Setanta Sports Put Out In Extra Time
Irish broadcaster Setanta Sports have finally gone into administration as their last minute attempts to save the sports channel fell short of the line.
Setanta Sports Put Out In Extra Time
Irish broadcaster Setanta Sports have finally gone into administration as their last minute attempts to save the sports channel fell short of the line.
12 June 2009
Setanta Sports Saved In £50m Rescue
The troubled Irish broadcaster Setanta Sports has been spared the chop after an international backer stepped in to save the channel. Founders Michael O’Rourke and Leonard Ryan have secured an international backer in the dying minutes, securing the future of the Dublin-based pay-per-view TV sports broadcaster.
Setanta Sports Saved In £50m Rescue
The troubled Irish broadcaster Setanta Sports has been spared the chop after an international backer stepped in to save the channel. Founders Michael O’Rourke and Leonard Ryan have secured an international backer in the dying minutes, securing the future of the Dublin-based pay-per-view TV sports broadcaster.
15 June 2009
Setanta Makes £10m Save
A £10 million payout has granted a last minute respite for Setanta as part of its £35 million bill to the Premier League that is due today. According to reports this morning, the British league received £10 million today and Irish broadcaster Setanta will pay a further £10 million this Friday.
Setanta Makes £10m Save
A £10 million payout has granted a last minute respite for Setanta as part of its £35 million bill to the Premier League that is due today. According to reports this morning, the British league received £10 million today and Irish broadcaster Setanta will pay a further £10 million this Friday.
10 July 2009
Gardaí Seize Two Million Contraband Cigarettes
A successful operation to net a huge haul of illicit tobacco products in Dublin has just been revealed. The joint operation was between the Garda Siocahana and the Irish Customs Service at Dublin Port. It has resulted in the detection and seizure of what are believed to be two million contraband cigarettes.
Gardaí Seize Two Million Contraband Cigarettes
A successful operation to net a huge haul of illicit tobacco products in Dublin has just been revealed. The joint operation was between the Garda Siocahana and the Irish Customs Service at Dublin Port. It has resulted in the detection and seizure of what are believed to be two million contraband cigarettes.
14 November 2008
British Men Remanded Over €500M Cocaine Seizure
The three British men charged in connection with a €500 million cocaine seizure off the coast of West Cork have been remanded in continuing custody after Thursday's court appearance. Philip Doo, 52, Christopher Wiggins, 42, and David Mufford, 44 were in Kinsale District Court this morning facing charges under the Drugs Trafficking Act.
British Men Remanded Over €500M Cocaine Seizure
The three British men charged in connection with a €500 million cocaine seizure off the coast of West Cork have been remanded in continuing custody after Thursday's court appearance. Philip Doo, 52, Christopher Wiggins, 42, and David Mufford, 44 were in Kinsale District Court this morning facing charges under the Drugs Trafficking Act.
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