The Catholic Church, the GAA, priests, and hundreds of other Clare investors are to miss out on a €2.67m windfall, after the collapse of the proposed sale of Clare FM and a controlling stake in Tipp FM to Radio Kerry.
In a statement, chairman of Clare FM, Maurice Harvey, said: “The deadline has passed without completion despite the best efforts of all involved.”
The managing director of Clare FM and Tipp FM, Liam O’Shea, said it had written to its shareholders “to assure them that the board and management will continue to consider appropriate development opportunities”.
Clare FM and Radio Kerry wouldn’t say why the deal was not going ahead.
Founding chief executive of Clare FM, Caimin Jones, said: “The failure of Radio Kerry to take over Clare FM, not once but twice, reflects very badly on both stations.”
No reasons have been given for the latest collapse. Shareholders, especially the small subscribers who did so much to support Clare FM in difficult times, deserve a great deal better.
He added: “The Broadcasting Authority of Ireland should have a good hard look at what went wrong in the 2008 attempt as well as the latest fiasco.”
In January, Clare FM’s Mr Harvey said its board was recommending acceptance of a Radio Kerry offer.
Mr Harvey told shareholders at the time that the deal would “strengthen and secure the future of all involved”.
The latest Radio Kerry offer was worth €7.50 per share, significantly below the €20 per share Radio Kerry had offered to buy Clare FM in a deal that collapsed in 2008.