Setanta Sports is searching for a new chief executive of its British operations after the broadcaster fell foul of football fans for failing to sell highlights of England’s win over Croatia to ITV. The broadcaster is also preparing to line up more cash from its shareholders, which include Goldman Sachs, to help to finance a bid to renew its Premiership television rights in the spring. Mark O’Meara, who was the chief operating officer running the British operation, has returned to his native Ireland where he will have a consultancy role.
Setanta Sports is searching for a new chief executive of its British operations after the broadcaster fell foul of football fans for failing to sell highlights of England’s win over Croatia to ITV. The broadcaster is also preparing to line up more cash from its shareholders, which include Goldman Sachs, to help to finance a bid to renew its Premiership television rights in the spring. Mark O’Meara, who was the chief operating officer running the British operation, has returned to his native Ireland where he will have a consultancy role. However, a Setanta spokesman emphasised that this was not because of the highlights row but to enable him to spend more time with his young family. Mark Mohan, commercial director, has also returned to Ireland in a non-executive role, but no information was made available about his family situation.
Setanta started life as a Dublin-based broadcaster of sports aimed at the large expatriate Irish community, but has expanded rapidly in the UK (initially from Scotland) and now derives most of its revenue from this side of the Irish Sea. At present the broadcaster has the rights to show 46 games a season, in a three-year deal worth £392m that expires in 2010. However, the next rights auction is due to begin in January, and the broadcaster is not yet profitable. Setanta Sports needs 1.7 million direct subscribers to make money, but has only about 1.4 million. It also generates revenue by allowing its sports channels to be included in Virgin Media’s largest television package. That takes its subscriber total above 3 million, but it derives less revenue from the Virgin Media customers. Setanta has emphasised that it is not looking for an external stake, repudiating rumours that Disney’s ESPN, BT or Virgin Media might take a stake.