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Setanta seek funds
SPORTS broadcaster Setanta is looking to raise significant new funding — less than a year after the company secured a ?300million-plus deal.
It is understood that the capital is being raised through London although the size of the fundraising is not yet known.
The move comes as it emerged joint founders Leonard Ryan and Michael O’Rourke now hold about 15 per cent of the group.
Rumours that that the pair are planning to reduce this stake over the next 12 months was denied by a company spokesman.
“There is no truth to that whatsoever,” he said.
It is understood members of the Irish and British senior management teams also recently bought additional shares in the business.
Setanta raised ?315million in funding last December and the company has received ?400million in funding in four years as it seeks to take on rival Sky in the sports broadcasting marketplace.
Experts say the company is on track to make a loss of more than ?100million in the three years to 2007 after recent figures revealed a ?28million shortfall in 2005.
The company said the losses were expected during the current phase of the business.
The broadcaster’s prominence rose in May when it paid £392 million for two of the six packages of English Premiership football rights in a three-year deal.
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