The Daily Telegraph claims that Setanta has delayed making a payment of £10m on its £150m contract while ITV has met its payments so far, but is attempting to adjust the schedule so that less money is paid out in the opening years of its £275m deal.
The two broadcasters signed the four-year deal for the rights to the FA Cup and England internationals in 2007.
Setanta is understood to be trying to renegotiate the terms of its deal.
Last month it came off badly in the fight for the rights to Premier League football, losing one of its two packages to BSkyB and leaving many to question whether it would survive.
Peter Balzagette, media consultant and digital investor, told Media Week: "Can Setanta sustain its model [and borrowings] with the revenues around just 23 games a season, and the rest of its offering? I doubt it.
"Can Setanta's management find [and afford] other sports events attractive to subscribers? The best we can say is, unlikely."
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