News blog
Local Radio Company
- BY: Andrew Hore |
- POSTED: 23/07/2007 |
Local Radio Company is forming a radio joint venture with Portsmouth Football Club.
The joint venture will acquire LRC’s three radio sations on the South Coast: the Quay in Portsmouth, Spirit FM in Chichester and Isle of Wight Radio. Their combined annual turnover in the year to September 2006 was £2.4m. Portsmouth FC will pay £1m for a 26% stake in the joint venture company and it has the right to increase the stake to 50% if a further £950,000 is paid during the next 12 months.
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