Setanta under threat after late payments
Friday, May 8 2009, 11:56 BST
The Premier League has rejected attempts to reschedule payment on its current £392 million three-year deal with Setanta, according to the Telegraph.
The news comes after Setanta failed to retain its Premier League packages for 2010-2013, and with fewer matches to attract customers, investors are reportedly growing concerned with the company’s future.
After it failed to make a £10 million payment to the FA in March, a major restructuring has got underway, with former Emap publishing house executive Sir Robin Millar and former Sky executive Gary Mcllraith drafted in.
Executives will attempt to secure backing from more finance houses to get them through the end of the year.
Setanta also has a £150 million four-year deal with England internationals and the FA Cup, and is looking into a deal with the Scottish Premier League.