Sky has turned down a request from Setanta for a £50 million (E57.3m) advance payment on a deal that would have involved Sky selling Setanta packages directly to its own subscribers.

The advance payment would have bridged a funding gap at Setanta as it talks to rights holders about securing reduced terms on rights deals.

Private equity investors in Setanta, including Doughty Hanson, Balderton Capital and Goldman Sachs will have to inject £50 million into the sports broadcaster, as Setanta explores refinancing opportunities under its new chairman, Sir Robin Miller.

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