Russian billionaire to rescue Setanta
SPORTS broadcaster Setanta has been rescued by Russian-American industrialist Len Blavatnik, who has offered to put up £20m in return for a 51 per cent stake in the struggling business.
Blavatnik’s company, Access Industries confirmed that it had submitted an offer, which is subject to a “number of pre-conditions”.
“Access believes that this proposal would secure the future of the broadcaster for customers, football and employees,” the group said.
The eleventh-hour rescue-bid forms part of a larger refinancing deal aiming to secure the Irish pay-TV channel’s future and enable it to meet its £30m rights payment to the Premier League, due today. Endemol, the company behind Big Brother, is understood to also be in talks with the Setanta board, as are holders of the payment-in-kind (PIK) notes which make up the bulk of Setanta’s debt.
Blavatnik made his billions from heavy industry but is also involved in pay-TV company Top-Up TV, which sells Setanta packages on the Freeview platform.