The dispute over ownership of the Kingdom, the Co Kerry newspaper with a circulation of about 5,000, centres on whether a valid agreement exists for its sale.
The managing director of Thomas Crosbie Holdings (TCH), Mr Anthony Dinan, claimed yesterday that heads of agreement on the purchase of the newspaper by TCH were signed with the owners of the Kingdom, Ms Anne Lundon and Ms Susan O'Keeffe, at 2 a.m. on May 19th.
No comment was available from Ms O'Keeffe yesterday when she was contacted. But she and Ms Lundon are understood to be disputing that any binding agreement exists.
Mr Dinan said he believed his company had a contract for the purchase of the newspaper. He declined to say what purchase price TCH had proposed for the acquisition but added that in the event of a successful outcome for his side, a process of due diligence would have to be carried out.
The Kingdom, a tabloid newspaper which competes with Kerry's Eye and the dominant provincial paper in Co Kerry, the Kerryman, is the latest newcomer to the highly competitive market in the county. The title was resurrected in the 1980s by the MacMonagle family and later taken over by Ms Lundon. Ms O'Keeffe returned from England in 1997 to bring her marketing expertise to the company. She is understood to have a 30 per cent stake in the operation, which employs up to 15 people.
The move by TCH to buy the title followed interest expressed by Independent Newspapers in acquiring the Kingdom, although through its ownership of the Kerryman it might have been precluded by the Competition Authority from acquiring a majority stake. It is believed Independent considered purchasing a 25 per cent stake in the Kingdom, paying its debts and locking it in through printing contracts with the Kerryman.
