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Satellite TV company Setanta on verge

Irish satellite TV company Setanta is this evening on the verge of a remarkable recovery with news that a US billionaire has offered a £20 million lifeline in exchange for a majority stake in the business. Leonard Blavatnik has put forward a plan for the business which would see his company invest £20 million for a 51% stake in the operation. This comes after a very difficult period for the Irish TV company which has been on the verge of bankruptcy over the last few days.

The US investor has a history in the digital media industry and has various sporting interests around the world which would fit perfectly with Setanta's satellite delivery system. While discussions are ongoing at this moment in time it looks as though this really is the final throw of the dice for the company which has the rights to various Scottish Premier League and English Premier League football games. Opinion is divided as to why the operation is now in serious financial trouble with some suggesting it is a victim of the recession and others of the opinion that it has grown too big too quickly.

The next few days will be vital for the future of Setanta with a decision on the potential investment now a matter of urgency.

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