The Local Radio Company is transferring ownership of The Quay in Portsmouth, Spirit FM in Chichester and Isle of Wight Radio to a new joint venture company. The new company is owned by Portsmouth FC (26 per cent) and TLRC (74 per cent). The football club will pay TLRC £1m for the stake.
Richard Wheatly, Executive Chairman of TLRC said: 'Quay FM has had a long and successful partnership with Portsmouth Football Club. This relationship has enabled us to establish Quay FM as one of the most successful and fastest growing local radio stations in the region.
'This venture will enable us to work closely with the new owners of the Football Club to develop this relationship even further. We intend to create an exciting new model for the business linking two dynamic media platforms, Portsmouth Football Club and its three surrounding radio stations, to fully exploit future opportunities across the combined entities.'
Peter Storrie, Chief Executive of Portsmouth Football Club said: 'Quay FM has increasingly played a major part in promoting the Club to thousands of listeners on the South Coast. They have been the official voice of Pompey for some time now and this new partnership can only help both parties to grow and thrive.
'We have very ambitious plans for the Club and the strengthening of our relationship with Quay FM will play a strategic role in developing joint
initiatives that will benefit both partners.'
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