RADIO IRELAND, which has been awarded the new national radio licence, hopes to go on air by next November.
The consortium, which includes the producers of the Riverdance show, Ms Moya Doherty and Mr John McColgan, defeated four other applicants to win the licence from the Independent Radio and Television Commission (IRTC).
It is believed that Radio Ireland emerged as a clear front runner right from the outset of yesterday's meeting to determine allocation of the licence. What impressed the IRTC was the track record of the individual members of the consortium, even though they have little radio experience.
As well as Ms Doherty and Mr McColgan, the other investors include Mr Denis Desmond the concert promoter; Mr Brian Molloy, the owner of Lunar Records and TV Ltd; Mr Joseph Moreau, an accountant; and Mr Robbie Wootton, the owner of The Factory recording studios.
Last week the consortium announced that the Cork Examiner, the Irish Farmers' Journal and Mr Dermot Desmond's International Investment and Underwriting Group had joined it. It will now have to negotiate with the IRTC for the 10 year contract.
Among the interests involved in the unsuccessful consortiums were local radio stations, including the two Dublin stations, FM 104 and 98 FM, The Irish Times, Downtown Radio in Belfast, Virgin Radio and Radio Clyde.
The chairman of the IRTC, Mr Niall Stokes, said that Radio Ireland had been chosen by consensus. It would be able to reach 85 per cent of Ireland's radio audience from day one, which would enable it to offer a real and effective alternative to RTE.
The chairman of the successful consortium, Mr John McColgan, commented: "We have been presented with a challenge that I am confident we can meet from the calibre, expertise and commitment of those involved."
Radio Ireland will be aimed mainly at people between the ages of 25 and 45 and will broadcast a mix of music, information and entertainment.
The gap in the radio market has been caused by the failure of RTE Radio 1 to attract a younger audience.
The Irish secretary of the National Union of Journalists, Mr Coin Ronayne, welcomed the IRTC decision and said he would be seeking a meeting with the successful consortium.