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.
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.
