|Dublin-based investment firm FL Partners has announced the acquisition of horse racing and betting publication The Racing Post from newspaper publishers Trinity Mirror for an estimated $340 million.|
The deal includes the publication along with its website and other titles in the betting business and will see some executive changes with former editor Alan Byrne appointed as Chief Executive Officer and Editor-In-Chief while FL Directors Peter Crowley and Neill Hughes are to join Board as Co-Chairmen.
Crowley stated that FL Partners was passionate about racing and that it has a real commitment to maximising the potential of the business.
'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,' said Crowley.
'It's a great thrill to return to the Racing Post and I am looking forward to working again with its excellent staff,” said Byrne, who edited the publication from 1993 until 2002.
“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.'