Setanta is battling to save itself in crisis

Irish pay-TV firm Setanta and accountants Deloitte were tonight locked in renewed talks as they battle to save the business from administration.

Setanta's founders Michael O'Rourke and Leonard Ryan are leading refinancing efforts after the firm missed a £3 million payment to the Scottish Premier League last week. Setanta also owes the English Premier League £30 million.

Neville Khan, the reorganisation services partner who oversaw the administration of Woolworth's, is understood to be advising Setanta.

Sources indicated there were still "a few options" and Setanta is not certain to collapse into administration, despite intense speculation it could happen within hours.

O'Rourke and Ryan need to raise up to £100 million to keep the giant going but leading investors Doughty Hanson and Balderton Capital have been reluctant to inject all the extra capital.

Sky vehemently denied that the crisis at its smaller rival had been brought on because of Sky's "aggressive bidding policy".

Setanta has debts of more than £500 million.