Setanta, the embattled sports broadcaster, is on the brink of collapse and may go into administration in the UK, as early as today. The Irish operation, which is reported to be profitable may be saved.

Len Blavatnik, the Russian-born US citizen and billionaire had offered Setanta a £20 million lifeline to the company, but withdrew it last  week.

Setanta is estimated to have around £500 million of debt.

Setanta, using the birth name of the mythical Ulster warrior Cúchulainn, was founded in 1992, having earlier began operations when Leonard Ryan and Michael O’Rourke met the demand of Irish expatriates in the US and Britain, by broadcasting Gaelic football and hurling matches.

In 2006, Setanta broke the stranglehold of the Rupert Murdoch-controlled  BSkyB on the broadcast of live Premier League football by bidding £392 million for 46 games over three seasons. It built up a subscriber base of 1.2 million premium subscribers - -  an estimated 700,000 short of break even point.

The firm claimed over three million subscribers for its channels in Europe and the US and said it was "believed to be the fastest growing pay television operator in Europe."

Setanta missed its deadline to make a £10 million payment to the Premier League last Friday, triggering a loss of its rights to broadcast football fixtures next season.

In the event of administration, the equity investments of Setanta’s shareholders, which include founders Michael O’Rourke and Leonard Ryan, Balderton Capital, the private equity group which was founded in 2000 by Irish businessman Barry Maloney - - the former CEO of Esat Digifone, private equity firm Doughty Hanson, and Goldman Sachs, the investment bank, would be wiped out.

The Financial Times reports broadcasters have until the end of Monday to bid for the rights to Setanta’s 46 English Premier League games. BSkyB and Disney’s sports unit, ESPN, are expected to buy the rights to 23 games each, although they may face competition from digital pay TV service Top Up TV.

Setanta employs about 430 people, including 200 in Dublin, who work for Setanta Sports Ireland.

Music promoter Denis Desmond owns 20% of the Irish operation and the holding company owns the rest of the shares.