Deloitte appointed receiver to Setanta Sport
Setanta has appointed Deloitte as receiver as the company is wound down with the loss of around 200 jobs in UK.
The board of Setanta Sport Holdings Limited has announced that it has not proved possible to secure the additional financing required to ensure the future viability of Setanta.
As a consequence, the broadcaster has taken the decision to seek the appointment of receivers to the parent company, Setanta Sport Holdings Limited, and certain subsidiaries in Ireland, and administrators to certain English subsidiaries.
Neville Kahn, Lee Manning and Nick Edwards, partners of Deloitte, were today (23 June) appointed joint administrators to Setanta Sport Limited and Setanta Transmissions (UK) Limited.
David Carson, a partner of Deloitte in Ireland, was appointed receiver to Setanta Sport Holdings Limited, Setanta Media Holdings Limited, Setanta Media Limited and Setanta Sport (PPV) Limited.
Setanta International and Setanta Ireland are not covered by these appointments.
Kahn commented on the appointment: “After a huge effort by the Setanta board, management team and its backers, it has not been possible to save the GB business, which will be wound down in due course. This decision means that it will shortly cease broadcasting to its customers in Great Britain. However, the International and Ireland businesses continue to trade on air whilst we are in discussions with parties to take on those businesses as going concerns.
“Regrettably, approximately 200 employees will be made redundant in respect of the GB business. Setanta has today suspended the collection of subscription payments from customers in Great Britain. Setanta customers should go to www.setanta.com for further information. We can confirm that no further monthly subscriptions or direct debits will be accepted from customers of the UK business.”
This decision means that Setanta will shortly cease broadcasting to its customers in Great Britain.
Setanta has today suspended the collection of subscription payments from customers in Great Britain. Setanta customers should go to www.setanta.com for further information.
Existing investors were prepared to commit substantial additional funds to the business, subject to improvements in its operating performance. Setanta sought to make significant reductions in its cost base by measures that included renegotiating its agreements with commercial partners and rights holders. Although progress was made, the improvements achieved were insufficient to ensure that the business could become profit-making.
Sir Robin Miller, chairman of Setanta, said: “This is a sad day for all concerned. Since its inspired inception a number of years ago, Setanta and its financial backers, have invested hundreds of millions of pounds buying UK and international sports rights. With the hard work and dedication of its staff, a pay-TV broadcaster was created which entertained people in three million homes with top-class sport.
“Unfortunately, in a difficult and highly competitive market, and despite strenuous efforts by the board and management, it has not been possible to find sufficient additional funds in the time available to ensure its survival.”
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