UK - Doughty and Balderton to suffer huge losses on Setanta

Other investors in the company, including private equity house Balderton Capital and founders Leonard Ryan and Michael O'Rourke, are set to share total losses with Doughty of £450m.

Several rescue options for the company had been considered during week-long survival talks, ending in a decision to separate the company's international operations in the Caribbean, Canada, Africa and the US; leaving the UK business to go under.

Trouble emerged when Setanta lost its rights to televise 46 live Premier League football matches per season after failing to meet payments. The broadcaster's annual operating losses are estimated at approximately £100m. 200 people will be made redundant when the broadcaster ceases broadcasting in Britain. Setanta has also suspended the collection of subscriptions from its customers.

The company's international and Irish businesses will continue to trade while the company continues discussions with interested parties.

Doughty Hanson led a EUR 315m financing round for Setanta in January 2007, while Balderton agreed on a $57m funding package with the company in 2006.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Industry
• UK / Ireland