Via: EURweb.com
A Grand Rapids, Michigan radio station has turned down an offer by gospel musician Marvin Sapp to become part owner of the failing station.
Three investors in WJNZ-AM (1140), the city’s only urban station, also returned the $150,000 in good faith money that Sapp presented saying they plan to come up with the money themselves to save the station.
According to the Grand Rapids Press, radio personality Robert S. Womack and two other investors have filed court papers saying they plan put up as much at $315,000 to save the station from receivership.
Sapp announced his intentions to be part of the deal including his desire to house the station inside the church he pastors, Lighthouse Full Life Center in Grand Rapids. According to the report Sapp wanted 75 percent ownership in the station for his 50 percent investment. Attorneys for the other investors advised against that deal.
The financial split between Womack and Sapp is the latest twist in a legal saga to preserve the 31-year-old urban station, which went into receivership after the previous owner defaulted on a bank loan.
