[Satellite Today 06-24-09] Setanta Sport Holdings has not been able to acquire the funding it needs to survive and will end its broadcasting service in the United Kingdom, the company announced June 23.
    Setanta said it paid huge amounts of capital for leading sports rights but was not able to generate a sufficient return on them. The company recently saw its English Premier League rights taken away and, ESPN has acquired the rights after the packages were re-auctioned.
    As a result of the losses, the company will enter into administration. Neville Kahn, Lee Manning and Nick Edwards, partners of Deloitte, were appointed joint administrators to Setanta Sport Limited and Setanta Transmissions (UK) today. David Carson, a partner of Deloitte in Ireland, was appointed receiver to Setanta Sport Holdings Ltd., Setanta Media Holdings Ltd., Setanta Media Limited and Setanta Sport (PPV) Limited. Setanta International and Setanta Ireland are not covered by these appointments.
    "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 U.K. and international sports rights. With the hard work and dedication of its staff, a pay-TV broadcaster was created which entertained people in 3 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," Robin Miller, Setanta’s chairman, said in a statement.