Setanta goes into administration

Setanta has gone into administration following months of speculation over its future.

Deloitte has been appointed to handle the process.

The future of marketing director Tim Ryan and the marketing department is now in doubt, with around 200 employees to be made redundant in the Great Britain business.

The administrator says: “After a huge effort by the Setanta board, management team and its backers, it has not been possible to save the GB business, which will be wound down in due course. This decision means that it will shortly cease broadcasting to its customers in Great Britain.  

“However, the International and Ireland businesses continue to trade on air whilst we are in discussions with parties to take on those businesses as going concerns.

“We can confirm that no further monthly subscriptions or direct debits will be accepted from customers of the UK business.”

The news closely follows ESPN’s acquisition of the TV rights to show 46 games for the English Premier League’s 2009-2010 season, after Setanta failed to make a £10m payment.

Setanta has 420 employees in the UK and Ireland, and approximately 1.2 million subscribers, with channels available in three million homes.  

The broadcaster has today (June 23) suspended the collection of subscription payments from customers in GB. Customers are being told to go to www.setanta.com for further information.  

Earlier this month Setanta suspended the admission of any new customers to focus on hammering out a plan to prevent it from going into administration.

Its founders Michael O’Rourke and Leonard Ryan had previously approached business associates to buy its the US and Irish operations, according to reports. The possibility of a management buyout of the remaining business had also being discussed. The broadcaster needed an estimated £100m to survive.

Neville Kahn, Lee Manning and Nick Edwards of Deloitte have been appointed as joint administrators to Setanta Sport and Setanta Transmissions UK.  

David Carson, of Deloitte Ireland has been appointed receiver to Setanta Sport Holdings Limited, Setanta Media Holdings Limited, Setanta Media Limited and Setanta Sport (PPV) Limited.

Setanta International and Setanta Ireland are not covered by these appointments.

 

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3703 or email customerservices@marketingweek.com

If you are looking for our Jobs site, please click here