Fears are growing that sports broadcaster Setanta may be forced to make job cuts as doubts are raised about its future funding.
Board members are meeting today in a bid to arrange extra time to secure the £100m emergency funding needed to keep the company afloat. If they manage to raise the necessary funds, the broadcaster will continue to operate along current lines, selling its subscriptions independently. Without the funding, the broadcaster would be forced into administration and may have to make redundancies.
However, even if lenders committed to rescuing the company, there is still concern they would insist on stringent cost-cutting, which would almost inevitably lead to job losses.
Setanta, which shows a range of sports including cricket, golf, football and rugby, has around 1.2 million subscribers. It currently owes £30m to the English Premier League and £3m to the Scottish Premier League. Its unpaid debts to several small football clubs may force the clubs into bankruptcy.
A Setanta spokeswoman refused to rule out redundancies at the firm, stating she was unable to comment about the implications of administration for its 430 employees.