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.