Setanta founders secure Irish business
By Julian Clover
June 30, 2009 10.10 UK
Setanta Sports founders Leonard Ryan and Michael O’Rourke are expected to take full control of the company’s Irish pay-TV channels after a buyout was agreed with original investors Doughty Hanson and Goldman Sachs.
Doughty Hanson is thought to have lost £85 million (€99.96 million) on its investment in Setanta as a whole.
The Irish Independent has reported that Ryan and O’Rourke along with concert promoter Denis Desmond to buy the 80% of Setanta Sports Ireland not already owned by Desmond.
The UK businesses entered administration last week, but Setanta Ireland and Setanta International continue to trade.
Once the financing is in place – Liberty Global’s Chellomedia remains a possible investor – action will be taken to secure capacity on the Sky satellite to ensure that Irish homes continue to be served.
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