Mansfield has joined up with radio investment and consultancy company Absolute Radio International and Irish media group Communicorp.
They have applied for the Liverpool licence with a rock and speech format called Jack FM and aimed at 40- to 59-year-old listeners.
Ofcom's deadline for bids closed yesterday and it is expected to choose a winner by October from entrants including Emap, Chrysalis and Guardian Media Group. The winning station will have a potential reach of up to 1.5m adults.
Absolute Radio's programme and operations director Clive Dickens and managing director Donnacha O'Driscoll worked at Capital Radio during Mansfield's time as Capital's chief executive between 1997 and its 2005 merger with GWR.
Mansfield left GCap with a £1.13m severance package after four months, leaving his GWR counterpart Ralph Bernard in charge of the company.
Dickens was group head of programmes at Capital between 1995 and 2000 and O'Driscoll was head of international development between 1999 and 2001.
The pair founded Absolute Radio in 2001, offering radio expertise and investment in the UK, Europe and further afield.
Absolute ran and co-owned Liverpool station 107.6 Juice FM between 2003 and 2005, helping to reposition it and double its market share before selling out to co-owner Ulster TV.
The third partner Communicorp wants to make its first move into the UK radio sector with Jack FM. Communicorp operates 35 radio stations in seven European countries and is one of Ireland's leading commercial radio operators. It is owned by Irish telecoms, property and aviation entrepreneur Denis O'Brien.
Ofcom today published the full list of applicants for Liverpool, revealing that the UK's biggest radio company GCap has also bid with its Planet Rock format.
The other bids include Liver FM from Liverpool Local Radio, MerseyLife from CN Radio, Original 106 FM from CanWest and Wicked FM from UK Media and Radio Liverpool.
They join Emap, Chrysalis, UTV, GMG Radio and Jack FM on the shortlist of 10.
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