Mr Blavatnik is offering to buy 51% of Setanta in a move that could help secure the future of the cash-strapped Irish firm as it seeks to stave off administration, according to reports.

The US investor is also said to have interests in Top-up TV, which is Freeview's pay-TV service.

Setanta declined to comment on the reported deal with Mr Blavatnik, although sources close to the company said it was still working hard on options to refinance the business.

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Setanta's potential white knight founded Access Industries, a privately owned industrial group, in 1986.

Setanta has TV rights including the FA Cup, World Cup qualifiers, Premier League, Scottish Premier League, and the Blue Square Conference - but is struggling to pay for them as customer numbers have dwindled in the recession.

The broadcaster has around 1.2 million subscribers, but that is short of the reported 1.9 million it needs to break even.

It has been bidding to raise fresh funds from investors, reduce its rights bills or even sell a stake in itself to another company, but Deloitte has been lined up as administrator if the rescue efforts fail.

The group suspended all new customer subscriptions on Wednesday.

It emerged earlier this week that BSkyB had refused a $100 million lifeline to the group, which faces a payment of more than $60 million due to the Premier League this week.

Backers including private equity firms Doughty Hanson and Balderton Capital, as well as Goldman Sachs, are said to be refusing to advance it any more money.

Another broadcaster, ESPN, has so far distanced itself from reports that it may look to take over Setanta's Premier League games if the company goes into administration, although Setanta has only won one of the six live broadcast packages for 2010 to 2013.

Under a pre-arranged deal, ITV would take over the rights to up to eight England away friendlies for a pre-agreed sum.