The sale of The Sunday Business Post to a consortium made up of Key Capital clients and Paul Cooke has been confirmed following approval in the High Court.

Mr Cooke has been appointed chief executive and said the newspaper needs to embrace the challenges of the pace of change in international news media and in advertising.

Mr Cooke is the former chief executive of Independent Star Limited, the publisher of the Irish Daily Star.

Key Capital is a Dublin and London-based capital markets, corporate finance and financial advisory firm.

The newspaper was sold to the consortium for €750,000.

It had been purchased from Trinity Mirror 11 years ago by Thomas Crosbie Holdings for €10m.