Racing Post auction expected to reach £200m
The Racing Post is expected to fetch more than £200 million after its bankers, NM Rothschild, has carefully selected six of the best bidders from a reported pool of 40 interested parties.
Multi-media giant BSkyB are thought to be included in the whittled-down list along with many private equity groups such as Exponent, Veronis Suhler Stevenson and DLJ Merchant Partners.
Former owner of the publication, Shekih Mohammed bin Rashid al-Maktoum, will be influential in the auction and is said to have the power to veto any deal. Along with co-founder of the newspaper, Brough Scott, he will be keen to ensure the publication will remain true its dogma of providing reliable and informative information on the horse racing industry. It is also thought that they would like to see the newspaper brand expand in to other forms of the media, especially enhancing its presence on the internet, possiblt giving BSkyB a one-up on its bidding competitors.
The newspaper, owned by Trinity Mirror who also run the tabloid The Mirror, made operating profits of £15.2 million last year. Although that was slightly down an the previous years performance, this was mostly put down to increased competition from the fleeting publication, The Sportsman.
Editor, Jackpot.co.uk - 2007-04-02 11:41:47