On 7 January 2009 The Local Radio Company placed Jazz FM up for sale following a strategic review of the company. Under the agreement to run the station with GMG, TLRC must give six months notice if they wish to stop running the station. Richard Wheatly resigned from his role with The Local Radio Company on the same day. Wheatly formed a consortium to proceed with a management buyout to purchase Jazz FM. A deal with Wheatly was done for £1 on 9 April 2009, where it was also revealed that the station had made a loss of £733,000 in the first six months of operation, as well as investments from a couple of financial companies and a number of individuals.