DUBLIN-BASED Setanta Sports might be close to securing the extra funds its needs to help pay for its live English Premier League football rights.

According to the Independent on Sunday, Setanta is close to agreeing a deal with leading shareholder Doughty Hanson for an additional, and much needed, £100 million (€76.4 million) in funds for the cash-hungry business.

In the current climate, new investors will be hard to source so it seems logical that Doughty would go again, although it is a chunky sum of money for the private equity group, which also owns Ballymount-based broadcaster TV3.

Doughty owns just more than 20 per cent of Setanta and recently wrote down its investment to zero.

Sources close to Setanta tell me no final deal has been agreed and other options might yet emerge.

One group that I’m told won’t be following its money is Balderton Capital, which appears to have indicated that it is prepared to have its near 20 per cent shareholding diluted.

Raising new money is only part of the challenge facing Setanta.

With just 23 live Premier League games to show from August 2010 onwards, Setanta needs to trim its expensively assembled commentary squad.