Emergency talks try to save Setanta

Talks aimed at establishing an emergency refinancing rescue package for ailing sports broadcaster Setanta are understood to be continuing today.

According to the Financial Times, Setanta's founders are trying to secure financing and buy out existing investors Doughty Hanson, Balderton Capital and the private equity arm of Goldman Sachs.

The paper also reported that in addition to seeking a £50m advance from Sky in a move that would have seen it transform from a broadcaster to a wholesale provider of programming - an option that Sky turned down - Setanta has attempted to raise cash by selling an equity stake to BT and Disney.

Yesterday, DS reported that Setanta is not accepting new subscriptions by phone or online. Virgin Media, which offers Setanta free of charge to its XL TV subscribers, told us they are "monitoring" the situation.