TLRC completes football deal
The Local Radio Company has transferred 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 has paid TLRC £1m for the stake in the joint venture company, with an option to inject another £950,000 for an extra 24 per cent.
Richard Wheatly, Executive Chairman of TLRC said: 'We are delighted to have completed this innovative deal with Pompey which binds together a successful group of local radio stations with a rising force in football's Premier League. We believe this partnership will benefit both of us and help us to achieve profitable growth.'
The deal was first announced in July 2007.