Creditors lose out as ITV Digital sale nets just £27m

LONDON - BSkyB and the Football League are among a long list of ITV Digital creditors left out of pocket as news emerged that the collapsed broadcaster's administrator has only managed to raise £27.3m from the sale of its assets.

ITV Digital collapsed in May with debts of £1.25bn. The details of the amount of money raised from the asset sale were announced at a meeting this morning as administrator Deloitte & Touche handed the company over to liquidator Grant Thornton.

The news will be a serious blow to ITV Digital's former shareholders Carlton and Granada, ITV Digital's biggest creditors, which were owed £402m.

BSkyB, which has already written off £22m against the ITV Digital debt, is believed to be owed £210m.

The Football League was owed £178m for the remainder of a £315m deal for the live rights to league division matches when ITV Digital collapsed. The league tried to recoup the money from Carlton and Granada through a High Court battle, but lost the case.

Transmission business Crown Castle is owed around £166m, although the blow will be slightly softened for the company as it is involved, along with BSkyB and the BBC, in ITV Digital's replacement Freeview.

Other suppliers, including MTV, Flextech and many other channels, are among the creditors owed the remaining £230m.

The liquidator will be responsible for selling the remaining parts of the business.

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