HDSports
13 Aug 2007, 07:55 PM
From the Post (Ireland)
Setanta’s US operation makes $3 million loss
12 August 2007 By Gavin Daly
A division of broadcasting firm Setanta that transmits sports events in the US went into the red in 2005,as turnover fell by $3 million.
Setanta Sport (Irl) had turnover of $6.99 million in the 13month period to the end of 2005,down from$10.04million in the previous financial period, which was to the end of November 2004.
As a result of the fall in turnover, the company made a pretax loss of more than $1.9 million, compared with a pre-tax profit of more than $194,000 in 2005.
It had accumulated losses of almost $823,000 at the end of 2005, according to accounts recently filed at the Companies Registration Office in Dublin.
Despite that, the directors of the firm, Leonard Ryan and Michael O’Rourke, said the firm’s financial position was ‘‘in line with expectations and the major operating financial targets were achieved’’.
The company employed just eight people in ‘‘administration in the USA’’ during the year and its employee costs were almost $880,000.
The company’s business is broadcasting televised sports events and, according to the accounts, ‘‘the focus of the business will be to continue to grow its commercial customer base, primarily pubs’’.
The accounts were prepared on a going concern basis, which was partly dependent on ‘‘the parent company continuing its financial support through adequate loan facilities’’.
At the end of 2005, Setanta Sport (Irl) owed almost $8.1 million to group companies and was owed more than $6.3 million by group companies, according to the accounts.
The main company in the group is Setanta Sport Holdings, but its most recent accounts cover the 2004 financial year. Setanta Sport (Irl) is only a small part of the Setanta Sports business, which has grown into an international sports broadcaster.
The firm paid stg£392 million for the rights to show 46 live games in the English Premier League, breaking BSkyB’s monopoly in the area.
The first games were broadcast this weekend, and O’Rourke said he was convinced that the investment would pay off for Setanta.
‘‘We’ve had an absolutely fantastic July and August so far.
‘‘People have come quicker and in greater quantities than we’d thought,” he told the Financial Times this weekend.
Setanta’s US operation makes $3 million loss
12 August 2007 By Gavin Daly
A division of broadcasting firm Setanta that transmits sports events in the US went into the red in 2005,as turnover fell by $3 million.
Setanta Sport (Irl) had turnover of $6.99 million in the 13month period to the end of 2005,down from$10.04million in the previous financial period, which was to the end of November 2004.
As a result of the fall in turnover, the company made a pretax loss of more than $1.9 million, compared with a pre-tax profit of more than $194,000 in 2005.
It had accumulated losses of almost $823,000 at the end of 2005, according to accounts recently filed at the Companies Registration Office in Dublin.
Despite that, the directors of the firm, Leonard Ryan and Michael O’Rourke, said the firm’s financial position was ‘‘in line with expectations and the major operating financial targets were achieved’’.
The company employed just eight people in ‘‘administration in the USA’’ during the year and its employee costs were almost $880,000.
The company’s business is broadcasting televised sports events and, according to the accounts, ‘‘the focus of the business will be to continue to grow its commercial customer base, primarily pubs’’.
The accounts were prepared on a going concern basis, which was partly dependent on ‘‘the parent company continuing its financial support through adequate loan facilities’’.
At the end of 2005, Setanta Sport (Irl) owed almost $8.1 million to group companies and was owed more than $6.3 million by group companies, according to the accounts.
The main company in the group is Setanta Sport Holdings, but its most recent accounts cover the 2004 financial year. Setanta Sport (Irl) is only a small part of the Setanta Sports business, which has grown into an international sports broadcaster.
The firm paid stg£392 million for the rights to show 46 live games in the English Premier League, breaking BSkyB’s monopoly in the area.
The first games were broadcast this weekend, and O’Rourke said he was convinced that the investment would pay off for Setanta.
‘‘We’ve had an absolutely fantastic July and August so far.
‘‘People have come quicker and in greater quantities than we’d thought,” he told the Financial Times this weekend.