ModernGhanalogo

FEATURED: Why Are Black People Obsessed With The Bible That Was Used To Enslave ...

body-container-line-1
31.01.2009 Business & Finance

GTV goes into liquidation

By BBC
GTV goes into liquidation

A company which broadcasts English Premier League football to tens of thousands of subscribers across Africa has gone into liquidation.

Gateway Broadcast Services supplied programmes under the GTV banner to countries from Kenya to Botswana.

As well as the premiership, GTV backed several domestic leagues, including Ghana, Tanzania and Uganda.

The company blamed “the current financial and global crisis” for the move.

This had “severely interrupted the company's abilities to secure further funding”, it said in a statement.

Television services have been stopped - with subscribers receiving a short message telling them the channel is off the air.

The company said it had invested $200 million in the business but that “the economic crisis…has caused excessive demands on the business.”

Several African football federations and leagues will feel the effects of this sudden move.

The Uganda FA (FUFA) had a five year contract worth $500,000 a year.

GTV were the sponsors of the East and Central African tournament, the CECAFA Cup.

They also sponsored the domestic leagues in Ghana, Tanzania and Uganda.

Fans who watch the English Premier League on GTV will have to find another source of information this weekend, and in the future.

There has been no reaction so far from any of the organisations involved.

“We realise the negative impact this has had on our loyal customers, creditors and staff,” GTV said.

“We have tried every possible step to keep the company going but we are all unfortunate victims of the current global economic crisis.

body-container-line