The warnings, made in official documents filed as part of NTL's financial restructuring, say that its subsidiary Premium TV "currently intends to wind down - and cease development" of a classic sports television channel which was to show historical sports events from the BBC's library.
It is thought that Premium TV had planned to spend up to '20m on the project.
The documents also say it "may seek to discontinue" certain other joint ventures if terms cannot be renegotiated. Premium TV has deals with football clubs including Glasgow Rangers, Leicester City, Middlesbrough and Newcastle United to help develop their internet and media rights.
Despite the bleak picture Premium TV, which is now part of NTL Europe rather than the core NTL UK cable television and internet business, is understood to be trying to save the BBC venture.
Insiders also stress that a revised agreement to run the websites on behalf of all 72 football league clubs is not in danger. That deal was restructured in the autumn, relieving Premium TV from a further '25m commitment to the venture. "Premium TV remains a funded and workable business," insisted a source.
The difficulties facing Premium TV underline a collapse in the value of sporting rights and the limit to how much funding is available to launch new sports channels.
Two years ago Premium TV led NTL's attempts to prise exclusive rights for Premiership football away from BSkyB. It also agreed a generous pay-per-view contract with the top flight clubs, which was later abandoned.
NTL's other content investments include a stake in the ITN cable channel. The stake is likely to be sold.
Guardian Unlimited ' Guardian Newspapers Limited 2001
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