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Financial backing for the venture came from six investors, including John Sheffield, chairman of Norcross, Carl "Jimmy" Ross of Ross Foods, and Jocelyn Stevens of "Queen" magazine, with which Radio Caroline shared its first office. O'Rahilly named the station after Caroline Kennedy, daughter of U.S. president John F. Kennedy. On a fund-raising trip to the U.S., O'Rahilly reportedly saw a "Life" magazine photograph of Kennedy and his children in the Oval Office that served as the inspiration for the name "Caroline Radio". In an extant photo, Caroline Kennedy and her brother, John F. Kennedy Jr., are apparently dancing in the Oval Office as their father looks on, an activity which O'Rahilly reportedly interpreted as a playful disruption of government.