Setanta seeks cash boost

It is not the best time to be seeking fresh funding, and some might question whether the model is worth supporting, but Ireland-based pay-TV broadcaster Setanta is reportedly seeking up to £100m ($147m) in fresh investment cash.

Setanta, despite about 1m subscribers, is not yet profitable and now has to face a future with a reduced portfolio of English premiership soccer.

However, it is worth remembering that for the next year or so it is very much the Setanta of old. The ‘lost’ premiership games only apply from the August 2010 – May 2013 seasons. Current financial backers Goldman Sachs (5%) and Doughty Hanson (20%) are reported to have written down their investments in Setanta. Balderton Capital is another investor.

Last year Setanta appointed private equity specialists Close Bros to advise on its future.