Granada would model the channel on Manchester United's satellite station MUTV, in which it has a 33% stake. The new channel would carry games, interviews and news from the club.
The move follows Granada's decision last month to create Granada Sport & Media, a new division that will house the company's footballing interests. As well as MUTV, Granada has a 9.9% stake in Liverpool and 5% stake in Arsenal.
The plan is likely to face opposition from Arsenal, which wants the promised £30m to go towards the £400m stadium, which is due to open in 2004.
There is also an argument that Manchester United's TV station is successful because it has supporters all around the world, unlike the less successful and less well-known Arsenal, which draws most of its support from London and the home counties.
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