Things are not looking good for bleak for Setanta the Irish pay TV operator with two investors completely writing off their investment. Private equity firm Doughty Hanson, which owns 20 percent of the company, has written down its share to zero and Goldman Sachs, which owns five per cent has done the same.

The moves follow the loss of one of Setanta's two Premier League packages for the 2010-11, 2011-12 and 2012-13 seasons after Sky upped its bid to a record £1.62 billion (E1.76bn) to capture five out of six.

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