A deal has 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, into Setanta.
Access Industries, a privately held, US-based industrial group with holdings worldwide in natural resources, chemicals and media, has tabled an offer for a majority stake, thought to be 51%, in Setanta. The company was founded by Blavatnik and today he remains as its chairman.
A spokesman told Media Week: "Access Industries can confirm that this morning it submitted a proposal to the board of Setanta to acquire a majority interest in Setanta, refinancing the company. The Access proposal is subject to a number of pre-conditions being met. Access believes that this proposal would secure the future of the broadcaster for customers, football and employees."
Rescue talks, led by Setanta co-chief executives and founders Leonard Ryan and Michael O'Rourke, have managed to attract new investment. The new investment will dilute all existing shareholders' stakes in the company, however, it is not known by how much.
Setanta has spent all week trying to secure a last-ditch funding deal to save it from administration, as it grapples with an estimated £100m funding black hole.
Setanta has about 1.2 million UK direct subscribers, but needs 1.9 million to break even.
Setanta is understood to have missed a £3m payment to the Scottish Premier League last week. It is also understood to have to pay the English Premier League about £30m later this week as part of its TV rights deal.
Setanta declined to comment.
_1.jpg)
.jpg)
