WITH NEGOTIATIONS on a new broadcasting rights deal for the English Premier League to kick off shortly, Irish pay television channel Setanta Sports has been beating the drum for additional money.
Setanta is believed to have started secret talks with existing backers and new potential investors about securing hundreds of millions of pounds in new funding.
It is thought to be weighing offering new equity or securing additional debt. Its current investors include Goldman Sachs, Doughty Hanson (owners of TV3) and Barry Maloney's Balderton Capital.
Setanta is believed to have recruited Close Brothers, an investment bank, as an advisor on the process.
Setanta has a voracious appetite for cash. Last week it spent an estimated £10 million to secure live rights to Guinness Premiership Rugby in England from 2010.
It splashed £392 million to net live English Premier League rights a couple of years back.
With Walt Disney-owned ESPN, BT, BSkyB and the BBC likely to be in the mix for rights next time round, any new investor will need deep pockets.
