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Setanta seeks £159m in new funding

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Setanta has appointed the Close Brothers merchant bank to raise approximately £159m in new funding.

The sports broadcaster, which lost a package of Premier League live rights to Sky last Friday reportedly plans to use the funds to buy the rights to some games back under a sublicensing arrangement.

The Premier League only awarded Setanta one package of 23 games in each of the 2010-11, 2011-12 and 2012-13 seasons in the bidding round.

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