Sports Broadcaster Setanta Enters Administration

Authored by Mark Hefflinger on June 24, 2009 - 11:09am.

London - Setanta Sports, a provider of premium and pay-per-view sporting events like English Premier League football, has switched off its signals to nearly three million British households, a day after entering administration, or bankruptcy proceedings, Reuters reported.

The company, which is nearly $500 million in debt, said it failed to attract needed financing, and appointed Deloitte as administrators.

Some 200 of the company's 420 employees will be laid off as it concludes its British operations; Setanta International and Setanta Ireland will not be affected by the situation.

Deloitte said that British customers should take action to stop any pending payments to Setanta, as the company has no money for refunds or prepaid subscriptions.

The English Premier League severed its deal with Setanta late last week, with Disney then swooping in to acquire TV rights for the league.

Related Links:
http://snipurl.com/kt90l (Reuters)

http://www.setanta.com