The deal has the backing of the Guardian Media Group, who relaunched the station in the autumn under a joint agreement with TLRC, and who are selling the name and intellectual property rights to Jazz FM and their backers.

The lead shareholder in the new venture is Herald Ventures. The management team of Jazz FM have been advised on this deal by Kinmont, who have also invested in the business.

Wheatly says, "We are thrilled to have reached an agreement ...