Setanta executives were locked in talks last night attempting to spare the Irish wing of the broadcaster in the event of its collapse and, potentially, a number of TV deals in this country. Friday's announcement that the Premier League had terminated the company's £392m contract to show live matches in Britain means the channel could go into administration as early as tomorrow, but there is hope that Setanta Ireland may remain immune to a certain extent.

The music promoter Denis Desmond owns 20 per cent of the satellite company behind Setanta Ireland and there have been suggestions it can be "ringfenced", particularly since it remains profitable with a reported annual turnover of €40m. Setanta could not make any official statement but one source close to the talks said "all options are being examined".

The Sunday Tribune understands the company is attempting to separate both the Irish and international businesses from the British station, but the fact there is an element of crossover in so many contracts makes it more difficult to untangle. The clearest example of this is the problem-causing Premier League rights themselves. Although Setanta Ireland had bought up the separate Irish rights and indeed had broadcast the competition's matches in this country long before claiming two British packages, the recent troubles could "colour" that process. As one source put it, "Sky will now attempt to establish their footprint there too". If such crossover affects other contracts, for example the PGA Tour and Formula One, then it remains debatable how profitable Setanta Ireland could be in the future.

With Setanta Ireland's future in the air, there remains an ambiguity over existing contracts here. One of the most pressing however is with the cross-border soccer competition the station itself sponsors, the Setanta Sports Cup. Just a week ago, FAI Chief Executive John Delaney said "it would be difficult" to secure another sponsor and thereby the future of the competition. And yesterday, the FAI released a statement saying "we are monitoring the situation and have written formally to them regarding the tournament".

In the event of Setanta Ireland folding with its British counterpart, the GAA's finances would avoid any sort of significant hit as such overseas rights are minimal. The Magners League rights however, would be for sale at a reduced price, although it has been suggested Sky Sports will move in there too.