SEN has confirmed to radioinfo a statement made earlier by its lessor, Pacific Star Network, that SEN has gone into administration.

Pacific Star said Sports Entertainment Network Pty Ltd has appointed Sal Algeri and Simon Wallace-Smith of Deloitte as voluntary administrators.

As owner of the 1116AM broadcasting license, Pacific Star is required to comply with the Australian Broadcasting Authority’s requirements of the license.
“The company will therefore work closely with the administrator to protect its interests and ensure the best possible outcome for its shareholders.”

Pacific Star, formerly Data & Commerce, decided in 2003 to lease its loss making 3AK to Sports Entertainment instead of selling the 1116AM commercial licence to repay debt.

Pacific Star Network, the owner of the 3AK 1116 frequency in Melbourne, leased the channel to SEN after disastrous ratings performances and management disruption.

A SEN spokesperson earlier this week told radioinfo that contrary to some rumours, “The lease payments to Pacific Star for the use of the 1116 frequency are completely up to date. “

Pacific Star Network also owns 3MP. Its directors and senior management team are: John Arnott (CFO),
Ron Hall (Director),
Peter Quattro (Executive Director),
Richard Szental (Director),
Andrew Moffat (Director).

Before the trading halt, shares last traded at 6 cents.

Sal Algeri says SEN has been incurring losses since launching in January 2004, and a review will determine whether it will be restructured or shut down completely.

“We will conduct a thorough review of the company’s financial and trading position before determining the best course of action.

“The administrators have taken control of the operations of SEN from today and will work with existing management to assess the company’s options going forward.

“The outcome of the administrators’ review will be advised as soon as it is completed.”