Irish firm buys Racing Post in £170m deal
Newspaper publisher Trinity Mirror said today it has sold the Racing Post to an Irish investment firm for £170m (€244.24m).
The deal with FL Partners was accompanied by news that Trinity Mirror will keep hold of its titles in the British midlands, including the Birmingham Post.
The Daily Mirror owner said in December that it planned to sell the Racing Post and a number of regional businesses as part of a strategy to focus on national and digital assets and its papers in Scotland, the north of England and Wales.
The new owners say they are planning to invest significant resources developing the business, focusing in particular on additional online and multimedia services as well as expanding into new markets.
Alan Byrne, former editor of the Racing Post, has been appointed chief executive and editor-in-chief with immediate effect. Peter Crowley and Neill Hughes, the principals of FL Partners, will be joint-chairmen of the Racing Post.
"This is a great day for the Racing Post, its readers and staff because we are passionate about racing and have a real commitment to maximising the potential of this business," said Crowley today. "We have exciting plans to enhance both the print and online offerings.
"For FL Partners, this is a compelling investment opportunity - a strong cash-generating business with a committed staff and a fantastic brand which can be nurtured, enhanced and developed."
Byrne, 45, is a leading figure in racing and bloodstock and was editor of the Racing Post from November 1993 to January 2002, during which time the paper became the dominant player in its market. Since leaving the newspaper, he has been an adviser to a number of racing interests.
"It’s a great thrill to return to the Racing Post and I am looking forward to working again with its excellent staff," he said.
"As well as being the 'bible' for racing people, the paper’s extensive coverage of football, golf and all other sports has a very strong following.
"Everyone in the racing, bloodstock and betting industries relies on the Racing Post as the definitive source of data and quality editorial coverage. It is our job now to ensure that it meets and exceeds their expectations."
Brough Scott, who helped found the Racing Post in 1986, said: "This is a day all of us at the Racing Post have been waiting for.
"We are going to have an independent paper focused on serving the racing industry, and a business that can be developed for the multimedia era. It is very good news."
Debt finance for the transaction was provided by Anglo-Irish Bank and legal advice was provided by A&L Goodbody (London).
