A MAJOR investor in FM104 has categorically denied that hem and his brother are to sell their stakes in the radio stations because of an advertisement it ran, making fun of former minister Michael Lowry.

It had been reported that entrepreneur brothers Mr Ulick and Mr Des McEvaddy were to sell their estimated 33 per cent shareholding in the station. It was said they objected to an advertisement which featured a photograph of the former Fine Gael transport minister, with the caption: "Look Michael, FM104 have been extending too!" This was a jocular reference to Mr Lowry's home, an extension to which was paid for by Dunnes Stores.

However, yesterday Mr Ulick McEvaddy told The Irish Times that he and his brother were not selling their stakes. "We would be very foolish to sell our shareholding because of an advertisement," he said.