Emergency talks to refinance Irish sports broadcaster Setanta and save it from administration were taking place late on Tuesday, a source close to the company said.
However, the source moved to quash media speculation that the closing down of its TV channel was imminent or that staff were being called in for a meeting on Wednesday morning.
“The company is not in administration. The board is continuing to pursue options for the refinancing of the business,” the source said.
Sales to new subscribers on the website appeared to be closed, however.
The Financial Times said in its Wednesday edition that Setanta had been trying to sell an equity stake to companies including BT and Disney’s ESPN, in an attempt to raise between 30 million and 50 million pounds.
The viability of Setanta’s business model was thrown into doubt in February this year when it failed to hold on to the rights to show a number of desired English Premier League soccer matches, a key draw for viewers.
The group is a privately backed company whose shareholders include its management team and institutional investors.
Source: Reuters
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