The founder of DeFontes Broadcasting has reaffirmed his position as the principal owner of VSB Television and VSB Radio.

Kenneth DeFontes said that while he had struck a deal this year to sell the companies to Spencer Conway, Mr Conway “did not come up with the agreed purchased monies”.

“As a result of this failure on the part of Mr Conway, Mr DeFontes rescinded his agreement to sell,” a VSB statement said. “The matter is now the subject of court proceedings.”

VSB added that Mr DeFontes had “found the whole matter very disappointing”.

“He has continued throughout the period to be involved in the operation of the broadcasting entities and has been forced to make available the necessary financing to keep the staff employed and the stations on the air.”