Capital, which owns Capital FM and alternative station Xfm, has in recent months been seen as a possible bid target by the likes of Emap and US radio giant Clear Channel Communications.
Emap, which owns the Kiss FM and Magic radio stations, was understood to have asked investment bank Lazards to look at the implications of a possible deal, while in November Clear Channel was reported to have drawn up plans to bid for Capital Radio, which could cost £500m, once the government relaxes media ownership laws.
Mansfield, however, has poured cold water on talk that Capital is a bid target and he said that, if anything, Capital would be the predator and not the prey.
"I think a bid from an European or American company is highly unlikely. Capital is a very strong and highly regarded business and is likely to be the predator not the prey," he said speaking to the Sunday Express.
If Mansfield is right and Capital is to be a bidder there are a number of targets, including Emap.
Whether Capital is a predator or prey, one way or another most expect industry consolidation. Under the communications bill, the government has relaxed ownership rules allowing the operation of two local stations alongside the BBC station in each local market.
It will allow for greater consolidation in the industry. Consolidation is, however, limited to 55% ownership of one market, up from the previous 45%.
Last week, Capital said first-quarter revenues for October to December were better than expected, down just 6%, but the radio group warned that the outlook for the next quarter remains "uncertain".
Mansfield went on to warn that the company had experienced a "testing start to our new financial year". Revenue across October and November he said were likely to be down by around 8% year on year.
"We anticipate that our January revenues will be modestly up year on year. The outlook for February and March is more uncertain, and we continue to manage the cost base of our business on the assumption that the advertising market remains under pressure for the rest of our financial year," Capital said in a trading statement.
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