Controversial Egyptian TV presenter Tawfik Okasha has said that his popular private TV channel would cease broadcasting next Saturday.

Faraeen will close down due to debts of up to LE 11 million accumulated since 2011, Okasha told one of his own presenters in a recent TV show.

In recent months, reports have emerged of a lack of advertising causing major private TV broadcasters to downsize or ever close channels.

In March, the CBC network closed its CBC 2 channel, laying off up to 100 of its employees, while private TV channel Al-Hayat reportedly had to cancel several of its shows.

This is however not the first time that Oshaka has announced the demise of his TV channel.

Already in August 2014, the former National Democratic Party member said that Faraeen would close because of debts.

His channel was also temporarily taken off the air twice in 2012: once in January, following a dispute over its broadcasting license, and then again in August for a month, by order of the authorities. On this second occasion, the Freedom and Justice Party, the political arm of the Muslim Brotherhood, filed a lawsuit accusing Okasha of inciting violence against Muslim Brotherhood members and their then newly-elected president Mohamed Morsi.

Well-known for his bad language and penchant for conspiracy theories, Okasha has been stirring controversy with his political views in Egypt since 2011.