The funds are being raised following a review of its business model after the broadcaster failed to retain both its English Premier League rights packages from the 2010-11 season onwards, having lost one of its current live rights packages to BSkyB earlier this year.
It is believed that Setanta’s business model was previously based on financing bids for TV rights with fresh capital, before recouping revenues through subscriptions. The broadcaster is backed by Goldman Sachs, Balderton Capital and Doughty Hanson.