Setanta in search for £50m

Irish sports broadcasters Setanta is reportedly looking for £50m (€57m) to close a funding gap after British satellite pay-TV operator BSkyB refused to advance it the cash for the wholesale of its channels.

Local press reports that Setanta had secured a £50m cash injection from its private equity owners Doughty Hanson, Balderton and Goldman Sachs, but that BSkyB refused it an interest free loan. Setanta has until June 15 to pay the English Premier League £35m for the rights to 23 games from 2010.