Portsmouth station Quay Radio has been placed into administration by its owner, Portsmouth Football Club.
The radio station, which is a separate limited company, is continuing to trade while the administrators, Andrew Andronikou and Michael Kiely, seek a buyer.
Pompey chief executive David Lampitt said: “It’s a very unfortunate situation and we all hope that the station will be able to get back on its feet. This decision hopefully gives the station the best chance to survive.
“The Quay is an important part of Portsmouth and I certainly hope that it does survive and is able to continue its long relationship with the football club and the city as a whole."
Rumours suggest the station is to be bought by Celador and re-branded to The Breeze along with Play Radio in Southampton and Winchester, to create a single brand.