Luxembourg arm of Setanta Sports makes €543,000 loss
THE Luxembourg-based unit of Irish sports broadcaster Setanta racked up losses of €543,000 last year, according to accounts just filed and seen by the Irish Independent.
Setanta Sports Hibernia S.a.r.l. is the company with which subscribers to the channel here have their contracts. The 2010 loss was narrower than the €1.3m loss the previous year.
In 2009, Setanta Sports Holdings, which was the main holding company for two Ireland-based entities -- Setanta Sports Channel and Setanta Transmissions -- went into receivership. Previously it had agreed to pay millions of pounds for the right to exclusively broadcast UK Premier League football matches.
In 2009, the league terminated Setanta's contract to air games between 2010 and 2013 after it failed to meet its financial obligations.
The ownership structure of Setanta's UK and Irish arms at the time differed. Subsequent to the receivership, music promoter Denis Desmond and Setanta founders Leonard Ryan, Michael O'Rourke and Mark O'Meara took control of the Irish operations. Their holding company -- Setanta Sports Broadcasting -- got approval to acquire Setanta Sports Hibernia and Setanta Sports Channel.
In 2009, Setanta Sports Channel Ireland had a €6.4m pre-tax loss, while Setanta Transmissions had a €1.3m loss.