BusinessBusiness RecoveryDeloitte readies ITV Digital for possible sale

Deloitte readies ITV Digital for possible sale

ITV Digital administrator Deloitte & Touche has withdrawn its £75m compromise offer to the beleaguered Nationwide Football League leading the dispute further away from its settlement goal.

On Monday administrators were given an extra week by the high court to reach a settlement with the League.

The pay-TV operator was expected to put a new deal on the table today, but the withdrawal of the offer suggests that administrators have opted to liquidate the company.

Deloitte said: ‘The shareholders are re-evaluating the business plan and therefore no formal offer has been made to the Football League.

‘Discussions with all suppliers will continue. As indicated on 15 April, while we seek to establish whether the company can be preserved, we are also preparing the business for sale.’

The move also leaves Carlton and Granada wide open for attack as the League sues ITV Digital’s parent companies for £500m in advertising revenue.

ITV Digital’s demise leaves the League in dire straits and many of its clubs, which are already in administration, could face being merged or wound up if additional funding is not found.

An initial offer of £50m was dismissed by the League last month and the offer was later raised to £75m.

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

6d Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

6d Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

3w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor