BSkyB chief: “not our job to fund other companies”

BSkyB chief executive Jeremy Darroch has said that although the satellite broadcaster has been in talks with beleaguered rival Setanta, it is not its job “to fund other companies”.

BSkyB has been in talks with the Irish broadcaster over a deal for the its 46 live 2010-2011 Premier League games. Setanta wants extra funding to avoid defaulting on rights payments and entering administration.

Speaking today at a sports industry breakfast meeting at the National Theatre, London, Darroch said: “We have been talking to Setanta, and trying to work with them and help them. At the end of the day we are not a bank, we are a broadcaster, not a supplier of working capital to a business and rights holder … our job is not to fund other companies. This is a huge amount of money,” reports MediaGurdian.co.uk.

He added: “They scaled up the business too quickly, and they have big backers who were looking to flip [sell on] the business too early. You have to look beyond three to four years – it took us more than five years to become profitable at Sky,”

Setanta has already failed to pay the Scottish Premier League £3 million it owes in television rights money and needs to find backers to enable it to pay £30 million it owes to the English Premier League.

If it does go into administration, which is looking increasingly likely, Deloitte is poised to step in as administrator.