Premier League waits on £10m from Setanta

LONDON - Sports pay-TV broadcaster Setanta must make a crucial £10m payment today to prevent the English Premier League retendering its rights to the coming season's games as bidders wait on the sidelines.

Whether Setanta will make the payment is uncertain as it is yet to complete a deal securing an investment of £20m from Russian-born US investor Len Blavatnik.

Blavatnik's advisors are expected to complete their due diligence today.

There could be fresh investment in the company alongside the money from Blavatnik, with TV production company Endemol in negotiations about taking a stake and reports that Setanta founders Michael O'Rourke and Leonard Ryan may put more money into the company to prevent their stakes being diluted.

If the Premier League does not receive the £10m Setanta owes it will take back the rights to the 46 live games Setanta has for the 2009/10 season and retender them in an auction next week.

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