Setanta has been on the brink of administration for the past two days and .
Now founders Leonard Ryan and Michael O'Rourke, who are co-chief executives, are planning to make a bid for the company and are in talks with backers to secure financing.
The Financial Times reports that Setanta has tried to secure investment from companies including BT and ESPN in addition to trying to raise more money from existing shareholders, private equity firms Doughty Hanson and Balderton Capital. BT, ESPN and Setanta declined to comment.
Setanta's parlous financial position has led it to miss making a £3m payment to the Scottish Premier League, due as part of its £125m deal running until 2014.
It must also find around £30m to meet an instalment due to the English Premier League before the end of the week.
The company's long-term future has been in question since it lost one of its two packages of Premier League games to BSkyB in February, raising fears that subscribers will defect after the 2009/10 season.
The company is estimated to need 1.9m subscribers to break even, but currently has 1.2m.
_1.jpg)
.jpg)
