Setanta maybe bailed out of financial trouble by accepting a £20million cash infusion by US businessman Len Blavatnik for a 51% controlling stake.
About £40million could be raised by a consortium of investors to keep the troubled sportscaster afloat.
"The discussions with investors are continuing, and by Friday we expect the business will be in a position to meet its obligations," the Setanta source said.
The encouraging news reversed the decision to suspend new subscriptions.
"We are taking subscriptions from new customers for our great sports content both online and at our call centres. Setanta Sports and all of its channels are still broadcasting and we intend to continue bringing our subscribers the great sporting action that they are used to from Setanta."
The immediate priority is to pay off the EPL a second £10 million installment by Friday or face the possible auction of their rights to broadcast a block of 46 live football matches.
The SPL meanwhile has not yet been paid their £3 million installment even as a fortnight has gone by since the June 1st deadline. Setanta's survival ensures a source of valuable cash infusion to the SPL clubs so these negotiations will be followed with great interest.
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