The stricken Irish broadcaster said senior management are continuing in their bid to refinance the company.

A statement on Setanta's website said: "Setanta Sports management and investors are in the process of attempting to secure the future of the business.

"Contrary to several reports, we have not gone into administration.

"All of our channels are still broadcasting across all platforms and our subscribers can continue to enjoy our programming.

"However, in the current circumstances, we have decided to temporarily suspend the acceptance of new subscriptions.

"Our customer services operations are still open and available to handle customers queries."

The broadcaster had suffered another blow this morning after BT Vision, the home digital TV service, suspended any further sales of Setanta Sports.

It emerged yesterday that BSkyB had refused a £50million lifeline to the Irish pay-TV broadcaster who are in crisis with a payment of more than £30million due to the Premier League this week and backers refusing to advance them any more money.

Another broadcaster ESPN is favourite to step in and take over Setanta's Premier League games if they go into administration.