Setanta Sports, the Irish pay-television provider, is reportedly hoping to raise more than 200m from private investors in order to fund its purchase of live rights to Premier League football and PGA golf.

According to The Sunday Times, the company will make most of the funds through new investors, while founders Leonard Ryan and Michael O'Rourke, who part-own nearly 45% of Setanta's equity, will see their shareholding reduced in the share placing.

The newspaper adds that private equity group Benchmark Capital will remain the broadcaster's largest shareholder with a stake of 40%.

Investment bank JP Morgan Cazenove, which recently valued Setanta at around 1bn, is leading the fundraising from London, while Ryan and O'Rourke are promoting their company via a roadshow aimed at institutional investors, says the Times.

Setanta broke BSkyB's 14-year monopoly of live English Premiership football rights in May by successfully bidding 392m for the rights to 46 games in a three-year deal beginning in 2007.

And in late June, the Irish pay-TV provider acquired broadcast rights to US golf's prestigious PGA Tour in a six-year, 103m dealagain breaking Sky's hold on a major sporting event. The satellite company had previously shown the tour for ten years.