Irish Consortium Acquiring Racing Post
Updated: Monday, July 9, 2007 2:44 PM
Posted: Monday, July 9, 2007 2:28 PM
An Irish consortium is on the verge of acquiring the Racing Post
newspaper, Britain’s only racing daily, from the current owners Trinity Mirror Group.
Investment company Festina Lente Partners, led by Peter Crowley and Neil Hughes, is offering between £180- and £190-million for the newspaper, which saw off a new rival called The Sportsman
Former Racing Post
editor Alan Byrne is advising the Irish consortium, which consists mainly of property developers and is not connected to Coolmore.
The Racing Post
was founded in 1986 by Sheikh Mohammed and he still holds rights to the title after selling the paper for £1 in 1998 to Trinity Mirror who then published the rival Sporting Life newspaper.
Trinity Mirror, which closed down its own paper and has since then published the Racing Post
, owns three national newspapers headed by the Daily Mirror
and regional titles.
It took the decision to sell the Racing Post
at the end of last year following a strategy review and had reportedly put a price of £200 million on the specialist publication.
FL Partners, negotiating final details with Trinity Mirror over the proposed sale, appears to have gained the upper hand from other bidders, including one advised by Brough Scott, the current editorial director of the Racing Post
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