Sports broadcaster Setanta could be facing administration after BSkyB turned down a chance to help the Irish company.

The pay-TV channel owes more than £30 million to the Premier League in payments for rights to live football while the Football Association (FA) and Scottish Premier League (SPL) could face financial concern if Setanta is unable to meet its contract instalments.

An emergency board was held in London on Tuesday night as directors sought a last-minute rescue package, after BSkyB refused an approach from Setanta.

Setanta had requested a £50 million interest-free loan from BSkyB in exchange for access to the live rights for 46 Premier League games next season.

While BSkyB acknowledged the Irish firm’s approach, it confirmed it had rejected the bailout offer.

“Our job is not to fund other companies,” said BSkyB chief executive Jeremy Darroch.”

“We have been talking to Setanta, and trying to work with them and help them.

“At the end of the day we are not a bank, we are a broadcaster, not a supplier of working capital to a business and rights holder.”

It is believed Setanta is also in talks with BT and Disney-owned sports broadcaster ESPN as it attempts to raise capital, with the latter the favourite to take Setanta’s Premier League broadcast packages should it go into administration.

The Premier League should not suffer too much financial concern if Setanta goes into administration, as only one of the six live broadcast packages between 2010 and 2013 was won by the Irish channel.

However, the FA has a £150 million contract for England and FA Cup games with Setanta while SPL clubs are heavily reliant on the revenue stream provided through the league’s deal with Setanta.

Scottish Football Association chief executive Gordon Smith admitted his concern last week after Setanta failed to pay the final instalment of this season’s TV deal, leaving the SPL to use its own funds to distribute around £3 million to 12 members clubs.