Thomas has budgeted for Oxford United to receive Setanta revenue

Oxford chairman Kelvin Thomas has told BBC Oxford the club is not in a panic about the possible demise of Setanta.

The U's have budgeted for £85,000 to come their way in the coming year as part of a deal to broadcast Blue Square Premier football until 2012.

"It hasn't gone yet, somebody could come in and save Setanta," said Thomas.

"They could offer a smaller version where they lose the Premiership but continue with the Conference games. We aren't panicking yet."

Setanta executives are understood to have held an emergency board meeting on Tuesday to discuss a rescue package in an attempt to stave off administration.

The sports broadcaster could face administration "within days" unless backers provide more funds, earlier reports suggested.

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