The Premier League said that while it "would like to provide Setanta with as much time as possible to re-arrange its finances", it warned that the need for action is pressing given that the start of the 2009/10 season is only two months away, with the release of fixtures imminent.
The Premier League said it has notified Setanta that the existing agreement between the two parties will be terminated if Setanta does not meet "certain contractual requirements" by close of business on 19 June.
It would not detail what these requirements are. However, it is thought that, of a £30m rights payment due today, Setanta has paid some of the monies owed, with the remainder due by 19 June.
As a result, the Premier League said, with the agreement of Setanta, that today it will issue an Invitation to Tender (ITT) for the 46 live matches for the 2009/10 season only.
A bid deadline has been set for 22 June but the Premier League said it will give all prospective bidders notice late on 19 June if Setanta has met the contractual conditions, "thereby negating the need for bids to be submitted".
The Premier League declined to comment further. Setanta declined to comment.
The deal had yet to be formally signed off, however, sources close to the situation confirmed to Media Week that a deal is almost agreed in principle for an injection of "significant capital", thought to be £20m.
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