Setanta went into administration today owing £3m to the Scottish Premier League and £30m to the English Premier League.
The Scottish Premier League is looking for a new buyer for £125m of broadcasting rights for the next 4 years and the English Premier League is looking to offload the rest of the matches Setanta had already won the rights to after ESPN took the 45 games that would have been on Setanta next season.
Good. Serves the greedy bastards right. £125m for 4 years of what is, to be perfectly honest, amateur football? They’re taking the piss. And the English Premier League are really taking the piss. They may be some of the world’s best football teams but they’re partly responsible for Setanta running out of cash through their greed.
Liverpool are desperately trying to refinance their £350m of debt to avoid bankruptcy with an announcement that RBS have virtually guaranteed to refinance their share of Liverpool’s debt coming on the same day that they announced a £17.5m transfer for Portsmouth’s Glen Johnson. How can they even contemplate spending £17.5m for a player when they could be days away from going into administration? The future of their LiverpoolTV channel – a lucrative source of income – is also in doubt as it was being shown exclusively on Setanta and they haven’t got anyone else to broadcast it.
The English Premier League and Premiership clubs have been pissing money up the wall thinking the amount of money involved is just too big for their pyramid scheme to collapse. Guess what. It’s not.