Setanta rescue bid launched
by Pete Hayman | 15 Jun 2009
Access Industries has submitted an offer to acquire a majority interest in the embattled Irish TV broadcaster, Setanta, in a move that could help to safeguard the future of a number of football clubs.
Setanta currently holds broadcasting rights for the FA Premier League, Scottish Premier League (SPL) and the Blue Square Premier, but concerns had been raised after the company struggled to keep up with payments after running into financial difficulties. In April, it was reported that the broadcaster was seeking to renegotiate the terms of its £125m, four-year deal with the SPL in order to reduce the amount that it would have to pay, sparking fears of a cash crisis for a number of clubs.
However, a spokesperson for Access Industries - led by US-based tycoon Len Blavatnikin, said: "Access Industries can confirm that it submitted a proposal to the board of Setanta to acquire a majority interest in Setanta, refinancing the company. "Access believes that this proposal would secure the future of the broadcaster for customers, football and employees."
Access Industries has submitted an offer to acquire a majority interest in the embattled Irish TV broadcaster, Setanta, in a move that could help to safeguard the future of a number of football clubs. Setanta currently holds broadcasting rights for the FA Premier League, Scottish Premier League (SPL) and the Blue Square Premier, but concerns had been raised after the company struggled to keep up with payments after running into
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