Founded in 2003 by journalist Liam Hayes and former Saatchi and Saatchi advertising executive Michael McGovern, the Gazette Group began publishing the Lucan Gazette and Blanchardstown Gazette in 2004 and added another pulication, the Clondalkin Gazette, in 2005.

The three titles were reportedly selling more than 17,000 copies per week at a price of Euro1.50.

Speculation last June surrounded potential buyers including Thomas Crosbie Holdings, Johnston Press and Alpha Newspapers. The Sunday Tribune was the first to report that The Irish Times was the most favoured suitor.

Reached late Friday, Michael McGovern would not confirm or deny the sale. It is believed that McGovern and Hayes will retain minority shares in the company.

Relevance Publishing, the company which controls the Gazette Group, has not filed accounts with the companies office since its founding.

The move marks another step on an agressive expansion strategy by the lady formerly of D'Olier Street.

The Irish Times is a joint venture partner with Associated Newspapers in the freesheet Metro. Last year the newspaper purchased the property website MyHome. ie for Euro50m and it is also rumoured to be among bidders for the Buy & Sell classified advertising website and magazine.

The Irish Times did not return calls seeking comment.