Trinity Mirror Sells Racing Post For £170m

After a lengthy negotiating process, Trinity Mirror has finally agreed a £170m
sale for the Racing Post newspaper to Irish investment group FL Partners.

The group agreed to sell its sports division for £170m in cash, around £30m
less than it had originally hoped for, to Stradbrook Acquisitions, a company set
up by FL Partners.

The deal did not include Trinity Mirror’s Midlands and remaining South East
titles which remain up for sale.

The £170m figure is based on a multiple of 3.4 times the 2006 revenues
accrued by the Racing Post.

Sheikh Mohammed bin Rashid al-Maktoum, owner of the rights to the title and
joint-ruler of Dubai, has placed as a condition of the transfer of the licence
to use the Racing Post’s trademark that Trinity Mirror donate £10m to four
specified charities connected to the horse racing industry.