Troubled radio station Digital Broadcasting Corporation will not accept any more funding from tycoons and affluent corporations, co-founder "Taipan" Albert Cheng King-hon says.
Speaking on his morning radio show yesterday, Cheng said the station would rely on income from commercials and donations from the public.
He rejected speculation that media tycoon Jimmy Lai Chee-ying might inject funds. Lai, whose Next Media publishes the Apple Daily newspaper, appeared on the programme as a guest host.
Cheng said last month that DBC had to shut down because a major shareholder, Beijing loyalist businessman Bill Wong Cho-bau, refused to top up his investment for political reasons.
Asked why he would turn down more funding from tycoons, Cheng said he felt "betrayed by a good friend" - referring to Wong, who has filed a High Court writ against DBC about the station's book-keeping. The case is due for a hearing on Monday.
Cheng said the financially troubled station would continue to operate, but he did not know how long it could last.