TV channel SETANTA could be put into administration as early as tomorrow if no 11th-hour rescue deals are found over the weekend.

The channel has been spiraling towards ruin over the past couple of weeks with massive debts. Friday's announcement that it had lost its grip on key Premiership football rights was possibly the death knell of the Dublin-based broadcaster.

Some 200 people in Ireland are employed by Setanta, almost half of its 450 staff.

Industry observers predicted that the channel could have an administrator appointed tomorrow following the collapse of a rescue deal with the US industrialist Len Blavatnik. That could have secured a £20m cash injection and provided the channel with the funds to meet a £10m payment to the Premier League instead of losing its rights to 46 live matches, which will now go to auction.

Blavatnik's Access Industries released a statement on the collapsed deal this weekend.

"Regrettably, despite intensive efforts on all sides over the past few days and despite significant progress in a number of areas, there remain a number of issues which we have been unable to resolve within the time available," it said. "We are disappointed not to have been able to make this deal happen."

On Friday night, the Premier League confirmed that its contract with the broadcaster had been terminated "with immediate effect" following its inability to make payment.

Setanta's live Premiership football rights for the 2009/10 season, once its prize asset, will now be sold to other bidders. Sky, Channel 4, the BBC and US broadcaster ESPN are all said to be interested.