Accounts reveal Lebedevs' £2m of loans to launch London Live

New London TV channel London Live spent £1.25m in the first 13 months after ESTV was set up on 6 August 2012.

The Guardian reports on accounts which are complete up to 29 September 2013 and reveal two loans of £1m to the channel from Russian billionaire Alexander Lebedev and his son Evgeny, who runs the family's UK media titles.

London Live secured the London local TV franchise in February 2013 seeing off competition from four other bidders.

The news and entertainment channel, available on Freeview Channel 8, has had a slow start ratings-wise after launching on 31 March.

Launch editorial director of London Live, Stefano Hatfield, told Press Gazette in February that the Lebedev's were commited to spending £15m three years on launching the London TV station.

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