Setanta gets approval for new ownership structure

Sports broadcaster Setanta Sports has proposed changes to its ownership structure that will see concert promoter Denis Desmond’s Gaiety Investments increase its shareholding from 20% to 60%.

Sabloss, a new company created by Setanta founders Michael O’Rourke and Leonard Ryan and former executive Mark O’Meara, will own the remaining 40% of the company. Sabloss will also take over the running Setanta Sports North America, Setanta’s international operation.

The changes have been approved by the Broadcasting Commission of Ireland, which has also given the green light to Setanta’s application to run channels Setanta Sports and Setanta Sports 1. Setanta Sports 1 is a subscription channel broadcasting live and delayed sports programmes, sports news and highlights programmes, while Setanta Sports broadcasts live and delayed sporting events at weekends. Both channels have been available in Ireland since Setanta’s UK arm entered administration last month. Setanta Sports 2 has ceased broadcasting.