THE BROADCASTING Commission of Ireland has approved proposed changes to the ownership structures at Setanta Sports Irish and US operations.
The new structure, which was widely anticipated, sees concert promoter Denis Desmond’s Gaiety Investments increase its shareholding from 20 per cent to 60 per cent. The remaining 40 per cent of the company will be owned by Sabloss Ltd, a new company set up by Setanta founders Michael O’Rourke and Leonard Ryan and former executive Mark O’Meara.
The various parties had been attempting to put together a package of investment to save the Irish business for the past number of weeks.
The BCI has also announced that Sabloss will take over the running of the international arm of Setanta, Setanta Sports North America Ltd.
In addition, the BCI approved Setanta’s applications for two satellite television services, Setanta Sports 1 and Setanta Sports, the two channels which have been available to Irish customers since the UK arm of Setanta entered administration last month.
Setanta Sports 1 is a subscription service that broadcasts live and delayed sports programmes, sports news and highlights programmes, while Setanta Sports broadcasts live and delayed sporting events, mainly at weekends. Irish customers will no longer have access to Setanta Sports 2 which ceased broadcasting when Setanta UK went into administration.
Less than two weeks ago, the broadcaster got a major boost when it secured the right to show 33 live English Premier League games in the Republic next season. Setanta had previously held the rights but lost them when parts of the group recently ceased operating after the broadcaster ran into financial difficulties.
Setanta’s Irish business has also retained the rights to Magners League rugby, Uefa Champions League, Formula One motor racing and the British Open in golf.
A Setanta spokesman welcomed the announcement. “Although we expected the announcement, it came earlier than anticipated. It makes the new ownership structure a reality,” he said.
