Setanta seems to have secured the funding it needs for the time being.

Concert promoter Denis Desmond now owns 60% of the Irish venture, holding the stake through his Gaiety Investments. The remaining 40% is owned by Setanta founders Leonard Ryan and Mickey O'Rourke, plus long-time Setanta executive Mark O'Meara.

Ryan, O'Rourke and O'Meara now also own 100% of Setanta North America, the Broadcasting Commission of Ireland (BCI) confirmed. The fresh investment from Desmond is understood to have come in below €10m .

Setanta Sports North America was originally a 100% subsidiary of Setanta Sports Holdings before the recent buyout by the management trio's Sabloss.

The news comes as Setanta Ireland aims for around 20 redundancies at its 150-strong Dublin base and pay cuts of about 20% among many of those that remain.

The company's business has been slimmed down from 79 Premier League games to 33 for next season, while its package of channels has been cut, prompting a "rationalisation".

Setanta Sports is looking to recommence broadcasting to the UK after the broadcasting commission agreed two new satellite licences.