Media
Top Up TV founder David Chance may be appointed to Setanta's board as part of Len Blavatnik's £20m rescue package, it has emerged.
Blavatnik's Access Industries currently holds a majority stake in Top Up TV and a 3% stake in Setanta. Blavatnik has proposed investing £20m in a deal to rescue Setanta in return for the stake held by Access increasing to 51%.
According to the Irish Times, existing Setanta board member Barry Maloney has decided to step down as a director in order to avoid any potential conflict of interest. Maloney is a lead partner with Balderton Capital, which has investments in both Setanta and Top Up TV.
"I decided that it was the right thing for me to do and the right thing for the company," he told the paper.
Blavatnik's rescue proposal is now understood to be in the due diligence phase.
Blavatnik's Access Industries currently holds a majority stake in Top Up TV and a 3% stake in Setanta. Blavatnik has proposed investing £20m in a deal to rescue Setanta in return for the stake held by Access increasing to 51%.
According to the Irish Times, existing Setanta board member Barry Maloney has decided to step down as a director in order to avoid any potential conflict of interest. Maloney is a lead partner with Balderton Capital, which has investments in both Setanta and Top Up TV.
"I decided that it was the right thing for me to do and the right thing for the company," he told the paper.
Blavatnik's rescue proposal is now understood to be in the due diligence phase.
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