Radar Radio is £4 million in debt, its recently published company accounts reveal.
The London-based station closed earlier this year amid accusations of sexual harrassment and a toxic workplace. But not before it was forced to pay out an estimated £270,000 worth of redundancy packages to former employees.
Now it's been revealed that the broadcaster has slipped further into debt than first thought.
In its annual financial report, the company details losses of just over £1.3 million, up from £826,000 the previous year.
The balance sheet also shows Radar Radio owes debts of £4 million to creditors, £3.6 million of which is due to MASH Holdings Ltd., the station's parent company.
MASH is owned by retail billionaire Mike Ashley (Newcastle United FC, Sports Direct), who is also the father of Radar Radio director Ollie Ashley.
Following accusations of sexual harassment and cultural exploitation, most of the station's DJs and presenters left in protest earlier this year.
Only 14 staff members were left by the time the outfit suspended broadcasting in April, all of whom have been made redundant.
Ollie Ashley has yet to make a statement regarding the company's massive debt.