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Setanta in Crisis
Posted:
Mon May 04, 2009 1:23 amby gzagee
Crisis talks to rescue Setanta TV
May 3, 2009
James Ashton and Kate Walsh
THE sports broadcaster Setanta is fighting for its life this weekend as a new management team holds urgent talks to raise cash and slash the amount it pays for sports rights.
Sir Robin Miller, the Emap publishing veteran, has been parachuted in as Setanta’s chairman to lead it through an emergency refinancing.
The company, which has 1.2m customers and broadcasts Premier League and England international football, faces an uncertain future unless it can raise up to £100m this month from shareholders including private-equity firms Doughty Hanson and Balderton Capital.
Accountants from Deloitte have also been called in to work alongside long-time advisers at Close Brothers and could be appointed as administrators if negotiations fail. Setanta is understood to have agreements in principle from sports bodies including the PGA golf tour that could let it cut up to £20m from the estimated £120m a year it will spends on rights from 2010.
The company was dealt a severe blow when it won the rights to screen only 23 Premier League fixtures per season from 2010. The rest will air on BSkyB, which is 39.1% owned by News Corporation, ultimate parent company of The Sunday Times.
The Irish company is racing to find funding for a payment of £35m to the Premier League due on May 15. Some rights partners, including IPL cricket and the Ultimate Fighting Championship, are said to be broadly supportive. However, they want evidence that Setanta has a future before agreeing to reducing the value of contracts, while shareholders want to see that the company is able to cut costs so it can remain a viable business before putting in more cash.
Only the Football Association, which splits FA Cup games and England’s home internationals between Setanta and ITV, is understood to be digging in its heels.
Setanta is also trying to renegotiate contracts that have yet to start. At a meeting with Scottish Premier League clubs in Glasgow this Thursday the company will try to chop both the length and value of a four-year £125m deal due to begin in 2010.
Miller’s last job was as chairman of the debt-laden Entertainment Rights – home to Basil Brush and Postman Pat – which was bought from administration by an American media firm. He is working with Gary McIlraith, a former Sky executive who became Setanta’s acting chief executive last month.
Founded in 1990 by Leonard Ryan and Michael O’Rourke, Setanta began life beaming Irish football to expats in London. It grew steadily and burst onto the national scene when it broke Sky’s stranglehold on Premier League games in 2006.
Disney, which bid unsuccessfully for some Premier League rights earlier this year, has long been linked to a bid for Setanta. The company tried to sell itself last year but called off the process because of limited interest.
http://business.timesonline.co.uk/tol/b ... 210938.eceI really hope they can find a buyer/money. Even though the quality isn't as polished as Sky, they've provided competition and brought regular coverage of other football leagues as well as getting one up on Sky Box Office with big fight boxing. Not to mention UFC and IPL.
However, I wonder if when they do find a buyer it'll mean increased prices and maybe the introduction of the dreaded PPV?
Re: Setanta in Crisis
Posted:
Mon May 04, 2009 6:36 amby Gunner Down Under
And some great stuff on SBS with Sven the puppet and all- ever seen that?
Re: Setanta in Crisis
Posted:
Mon May 04, 2009 9:24 amby absolutely_fabregas
ive got it at home, but the fact of the matter is, the games they have are usually pub time games
5.15 sat, 2pm sun, 8pm monday
id say im in a pub for 70% of th games that are shown, and i think many guys are realising this and cancelling their subscriptions, well the guys i talk to anyway are
Re: Setanta in Crisis
Posted:
Mon May 04, 2009 9:39 amby gzagee
I hear you ab-fab.
But I'm seriously considering cancelling my Sky contract and only having my Setanta contract.
Remember, other folks watch footy from other leagues and their coverage of other sports is something quite attractive about them.
But obviously, not attractive enough.
I would just hate to see Sky swallow all the games and sports again. I wouldn't be able to afford it.
Re: Setanta in Crisis
Posted:
Mon May 04, 2009 9:46 amby She_Gunner_Wales
Dont Virgin customers get Setanta for free?
Re: Setanta in Crisis
Posted:
Mon May 04, 2009 10:43 amby TheLittleMozart
She_Gunner_Wales wrote:Dont Virgin customers get Setanta for free?
Yes,but only if your on the XL Tv package. Other-wise you have to pay £12.99 per month.
Re: Setanta in Crisis
Posted:
Mon May 04, 2009 11:31 amby She_Gunner_Wales
TheLittleMozart wrote:She_Gunner_Wales wrote:Dont Virgin customers get Setanta for free?
Yes,but only if your on the XL Tv package. Other-wise you have to pay £12.99 per month.
You work for Virgin dont you? How come Virgin/NTL customers get it free?
Im on the full package with Sky and still got to pay, dropped it about 2 months ago though in favour of Sky HD.
Setanta lost alot in the rights, maybe if they dropped the price they would get more customers.
Re: Setanta in Crisis
Posted:
Mon May 04, 2009 11:51 amby left right left
i dont have it anymore, but i can get it on the net for free
if it was a little cheaper i would buy it, but payin £45 for sky is enought, sod another £12.99
Re: Setanta in Crisis
Posted:
Mon May 04, 2009 12:28 pmby TheLittleMozart
She_Gunner_Wales wrote:TheLittleMozart wrote:She_Gunner_Wales wrote:Dont Virgin customers get Setanta for free?
Yes,but only if your on the XL Tv package. Other-wise you have to pay £12.99 per month.
You work for Virgin dont you? How come Virgin/NTL customers get it free?
Im on the full package with Sky and still got to pay, dropped it about 2 months ago though in favour of Sky HD.
Setanta lost alot in the rights, maybe if they dropped the price they would get more customers.
I think its just given to customer as a bonus tbh,offering something to combat what sky can and all that.
Virgin Media customers don't actually pay that much for it unless your on the lowest package. But even then its cheaper than sky sports which costs £18 plus another £7 to get it in HD.
Re: Setanta in Crisis
Posted:
Mon May 04, 2009 5:34 pmby Andreys_Does_Simples
This has been news for months now, I think Yorky and myself had a talk about TV money a while ago? I may be wrong.
Setanta were using money they simply didn't have and gambled big time on getting it back which backfired on them.
Re: Setanta in Crisis
Posted:
Tue May 05, 2009 1:51 amby Yorkyblue
Ades_Dancin_Shoes wrote:This has been news for months now, I think Yorky and myself had a talk about TV money a while ago? I may be wrong.
Setanta were using money they simply didn't have and gambled big time on getting it back which backfired on them.
Yeah I think we did mate.
I get Setanta for free though, being with VM. Still pay £60 a month just for TV and Internet, though.
Re: Setanta in Crisis
Posted:
Tue May 05, 2009 3:37 pmby rogerthornhill
I'm not sure but I think that next season they will only have 23 PL matches so in view of that I might be cancelling my subscription. The PL matches are the only thing that I watch on Setanta.
Re: Setanta in Crisis
Posted:
Tue May 05, 2009 9:27 pmby Gunflash
Well Steve McManaman is one of Setanta's expert pundits, so you draw your own conclusions.
Re: Setanta in Crisis
Posted:
Wed May 06, 2009 12:47 amby liam_cork
i like setanta a bit of competition, an its a bit old school they to much talking shit on sky an not enough real comentary, and no w***er andy gray is great. and it shows the bundesliga which i like
Re: Setanta in Crisis
Posted:
Thu May 28, 2009 1:12 pmby Jimmy Clarke
I get most of the Premiership matches in the US by subscribing to Setanta. I'm a bit concerned I won't be able to watch it anymore.