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Monday
April 7, 2008
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Setanta Sports Calls Off Plans To Sell Amid Little Interest

Setanta Sports has "quietly abandoned plans to sell itself after potential buyers balked at the [US$1.99B] asking price," according to Dan Sabbagh of the LONDON TIMES. Investment bankers said that Goldman Sachs had "tried to drum up interest in a sale of the loss-making company, producing some basic documentation, but it proved impossible to get an auction moving because the price was too high." One investment banker said, "They tried to drum up interest, but nobody bid. Even Disney didn’t bid." Setanta now likely will "tap existing shareholders, which include Balderton Capital, Doughty Hanson and Goldman Sachs, for more funds if it needs money to secure additional sports rights." Analysts estimated that Setanta "may need another [US$298.3M] to break even" (LONDON TIMES, 4/5).

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