Barry University in Miami Shores, Fla., has approved the sale of PBS member WXEL for $1,446,102 to a group led by Bernie Henneberg, station president, reports the Palm Beach Post. The WXEL Public Broadcasting Corporation received a $1.5 million loan from Public Radio Capital, and a $500,000 line of credit. The university also gets five years of free advertising, worth about $273,000, and $170,000 when the group's loan is paid off in five years.
The station is in the red some $199,000, Henneberg told the board. But, he added, "We have made an investment in personnel and equipment that will allow us to go forth and be successful. We have a plan for 2013 that is almost break-even."
The station had been in play for eight years (Current, Nov. 29, 2004). Barry sold WXEL-90.7 FM to Classical South Florida for $3.85 million in May 2011.
UPDATE: See Current's story here.