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12/06/2009
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.
The broadcaster's board of directors met during the week in London with a spokesman for the company confirming that a "number of live options" to rescue the group were being considered.
The channel had suffered losses of €173 million and was facing going into administration by the end of this week after failing to make payments due on TV rights to the premiership and Scottish soccer leagues.
The deal, if it goes ahead, would secure around 450 jobs at the broadcaster, including 200 in Ireland.
Mr O'Rourke and Mr Ryan will put an offer for a majority stake in the cash-strapped business to the company's directors at another board meeting in London.
This offer is backed by a major international group and will involve an investment of about £50 million (€58.7 million) in the company.
Accounting firm Deloitte was placed on standby to act as administrator to the business if new investment could not be secured.
Setanta has about 1.2 million premium subscribers but, according to analysts, needs 1.9 million to break even. The firm is believed to close to breaking even but the loss of the Premier League rights raised questions about its ability to retain its existing customer base.
(DW/JM)
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.
The broadcaster's board of directors met during the week in London with a spokesman for the company confirming that a "number of live options" to rescue the group were being considered.
The channel had suffered losses of €173 million and was facing going into administration by the end of this week after failing to make payments due on TV rights to the premiership and Scottish soccer leagues.
The deal, if it goes ahead, would secure around 450 jobs at the broadcaster, including 200 in Ireland.
Mr O'Rourke and Mr Ryan will put an offer for a majority stake in the cash-strapped business to the company's directors at another board meeting in London.
This offer is backed by a major international group and will involve an investment of about £50 million (€58.7 million) in the company.
Accounting firm Deloitte was placed on standby to act as administrator to the business if new investment could not be secured.
Setanta has about 1.2 million premium subscribers but, according to analysts, needs 1.9 million to break even. The firm is believed to close to breaking even but the loss of the Premier League rights raised questions about its ability to retain its existing customer base.
(DW/JM)
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Irish broadcaster Setanta Sports have finally gone into administration as their last minute attempts to save the sports channel fell short of the line.
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Crowley Won't Seek FF Nomination For Presidency
Brian Crowley has announced that he will not be seeking Fianna Fáil's nomination for the forthcoming Presidential election in the Irish Republic. The party's MEP for Ireland South had previously expressed his desire to run for president to party leader Micheál Martin.
24 January 2014
RTÉ Cut Free Guides For Retired Staff
RTÉ bosses have ordered the suspension of a scheme that gave retired staff free copies of 'RTÉ Guide', in a move that could see the broadcaster save more than €100,000 a year. Cuts at the station, which began in 2010, have to date resulted in savings of €135 million. The station has also cut some 500 staff.
RTÉ Cut Free Guides For Retired Staff
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28 January 2016
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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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Ireland WeatherToday:Gale, coastal severe gale, northwest winds ease from late afternoon. Scattered showers will fall as snow over the hills at first, becoming isolated from mid-afternoon. Maximum temperature 7 °C.Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Cloud will spread east towards morning. Minimum temperature 2 °C.
