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24/06/2009

Setanta Sunk

An administrator has been appointed to run beleaguered sports channel, Setanta.
It is thought that around 200 staff will lose their jobs after it finally went into administration.
Deloitte has been appointed administrator of the embattled sports broadcaster, which had been struggling to find a financial lifeline over the last few weeks.
Setanta has suspended the collection of subscription payments from customers in Great Britain.
Setanta Chairman Sir Robin Miller said: "This is a sad day for all concerned. Since its inspired inception a number of years ago, Setanta and its financial backers have invested hundreds of millions of pounds buying UK and international sports rights. With the hard work and dedication of its staff, a pay-TV broadcaster was created which entertained people in three million homes with top-class sport.
"Unfortunately, in a difficult and highly competitive market, and despite strenuous efforts by the board and management, it has not been possible to find sufficient additional funds in the time available to ensure its survival."
Setanta International and Setanta Ireland are not covered by the administrations, so only 200 of the company's 420 staff will definitely lose their jobs, although the future of the remainder has not been defined.
ITN's 64 employees contracted to make Setanta Sports News have all been placed 'under consultation' following the sports broadcaster falling into administration.
The rolling news service went off air soon after news of Setanta's fall.
(BMcC)
VMI.TV Ltd

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