—What went wrong? Everyone involved in Setanta must now admit that taking on BSkyB with such quick growth—fuelled by short-term VC and PE money—was a high risk strategy. Sky COO Mike Darcey says (via Times Online) that the broadcaster was guilty of “cheap opportunism” and it “ran into difficulties because it tried to grow too fast and lost control of costs”. Virgin Media (NSDQ: VMED) CEO Neil Berkett is kinder and puts the collapse down as “the symptom of a failed market”.

—No investor reprieve: The company will end its life with £200 million in debt—though unlike shareholders, including Balderton Capital, Doughty Hanson and founders Leonard Ryan and Michael O’Rourke, creditors will probably get some money back. The Irish Times reports that Colorado-based Liberty Global—parent of the Irish ISP NTL—is interested in buying Setanta’s 180-strong Irish division, which is still trading and is thought to be profitable. ESPN (NYSE: DIS), the winner of Setanta’s EPL rights for the next four years, has declared its interest in more UK rights (via a Reuters interview)—and must now be eyeing Premier Rugby matches, previously held by Setanta.

—Innovation shackles: And as new entrant ESPN is about to find out, as lucrative as exclusive EPL linear rights are, they don’t leave much room for experimentation with new media or new revenue channels—Setanta could hardly innovate its way out of its crisis. Despite having boxing, rugby and other—let’s face it—minor TV sports it was the EPL rights alone that supported the business. And this one trick pony has been put out to pasture.