Former Club Asia co-founder Sumerah Ahmed today confirmed to AIM Magazine that the radio station had indeed gone into administration.

She said administrators had finally been appointed as of yesterday.

While in transition the company has returned to business as normal. It has appointed accountancy firm Mazars as its administrators.

Rod Weston, a spokesperson for the company, told AIM magazine: “The business has encountered difficulties due to current harsh economic conditions. We are keeping the station on air whilst marketing it for sale as a going concern. We have already received substantial interest and are liaising with a number of interested parties.”

He added: “Media companies have really felt the strain as businesses seek to reduce costs. However, with its strong listener base and niche appeal, Club Asia has great potential to thrive as the upturn starts to take effect.”

Ms Ahmed could not say anything more on Club Asia’s immediate future as she is now bound by strict administration laws.

A spokesperson for the media industry regulator OfCom today told AIM Magazine that they could not say more on the company’s future until its monthly Radio Broadcast Update is published for August 2009.