The debts that brought Setanta down

Two British subsidiaries of sports broadcaster Setanta, which are under court administration, have deficits of stg£263 million (€300 million).

An interim statement of affairs compiled by Deloitte, which was appointed as administrator to the firms in June, shows that banks that had lent the group £308million (€350 million) had received cross-guarantees on the loans which covered several companies.

The administrators for Set anta Sport Ltd, which provided sales, marketing and negotiation services, found there was just £63,000 available to pay lenders that are owed £258 million and have floating charges over the business.