Local Radio Co., Soccer Club Finalize Joint Venture
October 1, 2007 at 5:35 AM (PT)
U.K. group owner LOCAL RADIO CO. PLC and soccer's PORTSMOUTH F.C. have closed on their joint venture, creating a new station owner with LOCAL RADIO CO. owning 74% and the soccer club owning 26% for 1 million pounds and an option to increase its take to 50% within the next year for 950,000 pounds.
LOCAL RADIO CO. is placing THE QUAY/PORTSMOUTH, SPIRIT FM/CHICHESTER, and ISLE OF WIGHT RADIO into the new company.