Setanta Sports were last night considering an opportunistic offer from the US-based Russian oligarch, Leonard Blavatnik, of a £20m injection into the ailing broadcaster for a 51% stake.

Setanta Sports were last night considering an opportunistic offer from the US-based Russian oligarch, Leonard Blavatnik, of a £20m injection into the ailing broadcaster for a 51% stake.

Directors emerged from yet another emergency board meeting yesterday with renewed hope that they will be able to stave off administration after a late flurry of activity.

Blavatnik, worth an estimated $4bn, has offered the Setanta co-founders, Michael O'Rourke and Leonard Ryan, the money needed to remain solvent but only if they in turn hand over a majority interest in the company.

It would mean a major dissolution of their share of the company formed nearly two decades ago, but Blavatnik's bid might be the difference between Setanta staying in business or plunging into administration over the weekend. O'Rourke and Ryan have been trying desperately to raise funds to make a £30m payment owed to the Barclays Premier League by Monday, having already defaulted on a £3m payment to the Scottish Premier League earlier this month.

Another option that is being considered by the co-founders is to sell the profitable Irish and US parts of the business, with Denis Desmond - the Irish music promoter who already has a 20% share in Setanta Ireland - believed to be keen on taking over both wings.

It would mean Setanta's other shareholders, which include Doughty Hanson and Balderton Capital, would have their stakes reduced.

Blavatnik left his native Russia in 1978 and after leaving Harvard Business School founded Access Industries, a New York-based international industrial group. He moved into Russian investments just after the fall of communism and has become one of the richest and most successful of the oligarchy, investing in oil, coal, aluminium, petrochemicals, plastics, telecommunications, media and property.

Last night, Access Industries confirmed Blavatnik's intention of seeking a controlling interest in Setanta. "We can confirm that this morning it submitted a proposal to the board of Setanta to acquire a majority interest in Setanta, refinancing the company," read a statement. "Access believes that this proposal would secure the future of the broadcaster for customers, football and employees."