Setanta Wins Funding For Rights Drive

Big spending pay-TV operator Setanta is set for further sports rights
acquisitions after securing £213m in investor funding to drive the continued
expansion of its operations.

The new financing has been put together with a view to making further
aggressive moves into the UK market where it is looking to challenge Sky’s
long-held dominance of pay-TV sports coverage.

The financing agreements have been struck with Doughty Hanson & Co,
Goldman Sachs International, Davy Stockbrokers and Adams Street Partners. The
deal is subject to regulatory clearance in Setanta’s home market of Ireland.

Earlier this year Setanta broke Sky’s long-term hold on live coverage of FA
Premiership games after agreeing a £392m deal to broadcast 46 games from the
league from the start of next season.

The broadcaster is also set to launch a dedicated golf channel from the start
of next year after tying up a deal for live coverage of the PGA Tour – another
contract it took from Sky.