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Russian oligarch saves Irish TV channel from collapse - newspaper

16:02 13/06/2009

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MOSCOW, June 13 (RIA Novosti) - Russian-born billionaire Len Blavatnik's Access Industries will buy 51% of Dublin-based broadcaster Setanta Sports to save it from bankruptcy, The Times reported Saturday.

"Blavatnik, one of the oligarchs behind Russian oil company TNK-BP, is to inject 20 million pounds [$33 mln] and take control of Setanta. That, along with other injections of cash, will ensure the company can survive," the British newspaper said.

The deal envisions that other investors will provide extra money. As of now, Setanta needs to find 30 million pounds ($49 mln) to pay the FA Premier League, and it also owes 3 million pounds ($4.9 mln) to the Scottish Premier League.

According to Forbes magazine, U.S.-educated Blavatnik's fortune has fallen to $4 billion from $11 billion, but he still can afford rescuing the Irish broadcaster.

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Russian oligarch saves Irish TV channel from collapse - newspaper

16:02 13/06/2009 Russian-born billionaire Len Blavatnik's Access Industries will buy 51% of Dublin-based broadcaster Setanta Sports to save it from bankruptcy, The Times reported Saturday.>>

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