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Irish pay-TV broadcaster Setanta Sports needs a £200m injection of funds to help pay for the acquisition of live rights to the English Premiership (and PFA golf from the States). The bulk of the money is likely to come from new investors. Investment bank JPMorgan Cazenove is leading the fund raising effort. They advised Setanta on its successful Premiership bid and recently valued the company at £1 billion. This shows the value of Premiership television rights as current company revenues are less than 5 per cent of that figure (£48m) and it is making a loss. At the moment Setanta has 150,000 subscribers in Britain where it already covers the Scottish Premier League. It is estimated that it will need to build to 750,000 subscribers to break even on its live Premiership coverage.
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