The board of troubled broadcaster Setanta was “considering its options” today after a key football contract was cancelled.
A potential deal with US tycoon Len Blavatnik's Access Industries collapsed after "a number of issues" were not resolved in time, the investor said.
The news comes as a further blow for Setanta, which lost its licence to broadcast 46 Premier League football matches next season after failing to meet "certain contractual obligations".
In a statement, the Premier League said: "It is with considerable regret that we announce that Setanta has been unable to meet their obligations.
"As such the existing licence agreement between us has been terminated with immediate effect."
Setanta is attempting to stave off administration by raising funds to help pay TV rights bills, which include the FA Cup and Scottish Premier League (SPL).
The broadcaster released a statement which said: "The board of Setanta notes the statement issued earlier today by the Premier League and will consider its options over the weekend. In the meantime, Setanta's sports channels continue on air."
Setanta was given a deadline of yesterday to meet demands relating to the final season of its three-year deal.
The Premier League had already launched an emergency tender of the matches, which are for the 2009/10 season, and they will now go ahead with the sale.
It was hoped Mr Blavatnik could prove a white knight for the Irish firm, which started taking new subscriptions again this week on hopes of a rescue. Big Brother maker Endemol has also been linked with an investment.
An Access Industries spokesman said: "Access believed that this proposal could potentially have secured the future of the broadcaster for its customers, employees and for football, provided certain conditions required to put the business on a long-term viable footing were met.
"Regrettably, despite intensive efforts on all sides over the past few days, and despite significant progress in a number of areas, there remain a number of issues which we have been unable to resolve within the time available."
The Access Industries spokesman said the firm remained "committed to sports programming".
Setanta boasts around 1.2 million subscribers — but that is still short of the reported 1.9 million it needs to break even and customer numbers have been hit by the recession.
It suspended new subscriptions last week, prompting fears over the future of the business.
The firm also missed a £3 million payment due to the SPL under the current deal - forcing the league to pay clubs from its own pocket — and owes £30 million to the Barclays Premier League.
Deloitte has been lined up as administrator if the broadcaster's survival efforts fail.
PA