New investor could save Setanta

A last-minute investment by an unnamed international backer could save sports broadcaster Setanta Sports from entering administration.

According to various reports, the group’s founders Michael O’Rourke and Leonard Ryan will make an offer for a majority stake in the business. The offer will be backed by the international group and is likely to involve an investment of about £50m (€59m). The identity of the backer is yet to be made public but ESPN has ruled itself out of making a takeover bid.

Setanta’s board has been locked in talks as it tries to prevent the business from entering administration. The broadcaster has temporarily stopped selling subscriptions.