The Board of Setanta Sport Holdings Limited regrets to announce that it has not proved possible to secure the additional financing required to ensure the future viability of Setanta. 

As a consequence, the Board has taken the decision to seek the appointment of Receivers to the parent company, Setanta Sport Holdings Limited, and certain subsidiaries in Ireland, and Administrators to certain English subsidiaries.

Neville Kahn, Lee Manning and Nick Edwards, partners of Deloitte, were today (Tuesday June 23) appointed Joint Administrators to Setanta Sport Limited and Setanta Transmissions (UK) Limited.  David Carson, a partner of Deloitte in Ireland, was appointed Receiver to Setanta Sport Holdings Limited, Setanta Media Holdings Limited, Setanta Media Limited and Setanta Sport (PPV) Limited.

Setanta International and Setanta Ireland are not covered by these appointments.

Existing investors were prepared to commit substantial additional funds to the business, subject to improvements in its operating performance. Setanta sought to make significant reductions in its cost base by measures that included renegotiating its agreements with commercial partners and rights holders.  Although progress was made, the improvements achieved were insufficient to ensure that the business could become profit-making.

Sir Robin Miller, chairman of Setanta, said:

"This is a sad day for all concerned. Since its inspired inception a number of years ago, Setanta and its financial backers, have invested hundreds of millions of pounds buying UK and international sports rights. With the hard work and dedication of its staff, a pay-TV broadcaster was created which entertained people in three million homes with top-class sport."