CONCERT PROMOTER Denis Desmond and Setanta founders Leonard Ryan and Michael O’Rourke were in talks last night with the secured lenders of Setanta Sports in a bid to keep the Irish business on air while they try to secure an investment package to rescue the broadcaster here.

The fate of Setanta Ireland, which continues to trade, appears to be in the hands of a group of secured lenders, who provided the broadcaster’s failed parent company – Setanta Sport Holdings – with €225 million in payment-in-kind (PIK) loan notes. These include Goldman Sachs.

It is understood that Mr Desmond, Mr Ryan and Mr O’Rourke were seeking to agree some breathing space – possibly three to four weeks – to keep the Irish channel on air while they put together the finance to acquire the company. This could involve a payment by the three executives to meet the Irish group’s running costs in the short term.

Setanta Ireland is thought to be burning about €300,000 a week, and the lenders want either to agree a quick sale or close the business to prevent a further drain on finances. It is understood that Deloitte partner David Carson, who has been appointed to four Ireland-based Setanta companies that have been placed into receivership, is not directly involved in these negotiations.

As the only secured creditors of Setanta, the PIK note lenders will benefit from any proceeds generated by the sale of the Irish and international businesses – the only two parts of the Irish broadcaster that continue to trade.

It is understood that Mr Ryan and Mr O’Rourke are seeking to acquire the international business. They have been joined in this process by former Setanta executive Mark O’Meara. The lenders are believed to have set a deadline of 4pm on Tuesday for the receipt of offers for the Irish and international arms, with a view to then agreeing a deal within 24 hours.

Liberty Global, the group that owns Irish cable TV providers NTL and Chorus, is also believed to be interested in Setanta Ireland.