GAA and Catholic Church to benefit from the €2.67m sale of Clare FM

The Catholic Church and members of the GAA are among the shareholders who will get a slice of the €2.67m sale price for Clare FM and Tipp FM, it has emerged.

Radio Kerry announced, earlier this week, that it would acquire Ennis-based Clare FM and a controlling stake in Tipp FM, the stations set up about 30 years ago. Clare Community Radio chairman Maurice Harvey has written to over 500 shareholders.

File photo

As part of the planned sale, Clare GAA is set to receive €37,500 from its shareholding while the Diocese of Killaloe is set to receive €70,500. Most shareholders own holdings of between 50 and 100 shares, which were purchased for €1.27 each almost three decades ago. The shareholders now stand to be paid between €375 and €750 for the shares.

However, a number of the Clare Community Radio board members are set to benefit handsomely from the sale.

Managing director of Clare FM and board member at the Shannon Group, Liam O’Shea will be one of the main beneficiaries and stands to receive €154,762 from the deal.

A brother of former Tipperary hurling manager, Eamon O’Shea, Mr O’Shea has been at the helm at Clare FM since 1998 and oversaw the station’s purchase of Tipp FM.

Other board members with significant shareholdings include Clare FM general manager Susan Murphy - who is due to receive €75,000 - and the managing director of The Clare Champion John Galvin, who is due to receive €90,000.


Related Articles

Independent News & Media to seek staff redundancies, report

Radio Kerry buys Clare and Tipp FM as part of expansion plans

Threats abound in the future of news

Stonewalling investigations: Loughinisland suspicions deepen

More in this Section

Goldman Sachs shares surge after profit boost

Calls grow for the Government to tap emergency Brussels funds for Brexit threat

Sterling, shares gain as investors bet UK will delay Brexit

For the small guy, the risks are now a big issue


Lifestyle

Read an excerpt of 'My Coney Island Baby' below

Bernard O'Shea on hitting the road with old pal Karl Spain

Learning Points: My wife is having a baby and I’m stressed at work

Your guide to luxury - but affordable - spa experiences

More From The Irish Examiner