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Article: ITV Digital set to be broken up in fire sale
- Article from:
- The Scotsman
- Article date:
- April 26, 2002
- Author:
CopyrightCopyright 2002 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
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ITV DIGITAL is to be broken up and sold off in a matter of days,
after failing to appease its main creditor or find a buyer.
The move looks set to spell financial ruin for English Football
League teams, owed millions of pounds under ITV Digital's contract to
broadcast their matches.
Administrator Deloitte and Touche said yesterday it had failed to
secure the funds necessary to keep ITV Digital operating while it
undertook "a long-term sale process".
The administrator said it would now seek a sale "with immediate
effect". ITV Digital is burning cash of around 3.2 million pounds per
week.
A spokewoman for the administrator said: "We have to seek a quick
sale. We've got a few days to sell ...