Fellow local radio company UKRD bought a controlling stake in TLRC in May. Before the sale of TLRC, 76% of Quadrant Media, which was made up of The Quay, Isle of Wight Radio and Spirit FM, was owned by TLRC and Portsmouth FC owned the remaining 24%.
In a statement to the London Stock Exchange today (16 September), TLRC said Portsmouth FC acquired 100% of The Quay for a nominal sum effective from 31 August 2009, and TLRC acquired Portsmouth FC's 26% holding in Quadrant Media, increasing its interest in Spirit FM to 100%.
In August, TLRC sold Isle of Wight Radio to a consortium led by TLRC's area director Claire Willis and Isle of Wight Radio programme controller Paul Topping.
The Quay is the radio licensee serving Portsmouth and has an audience of 48,000, who listen for 205,000 hours per week according to the latest Rajar figures.
In the 10 months to the end of July, the station had a turnover of £535,835 and an operating loss of £181,141 after central costs and net liabilities of £296,985.
TLRC's retained station, Spirit FM, serves Chichester, Bognor Regis and Littlehampton and has an audience of 43,000 listeners listening for 372,000 hours per week, according to the last Rajars.
In the 10 months to 31 July, the station had a turnover of £707,154 and an operating profit of £7,049 after central costs with net assets of £95,265.
TLRC comprised 20 stations when UKRD acquired its controlling interest. Since then, the new management has sold six stations and closed one.
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