News UK in the running to buy Racing Post newspaper’s debt

NEWS UK, the publisher of The Times, The Sun and The Sunday Times, was last night reported to be one of the bidders in the running to acquire the outstanding loans of the Racing Post newspaper.

Bidders for the debt are hoping it would put them in a strong position to ultimately gain control of the famous sporting bible.

Existing shareholder FL Partners is one of the firms bidding for the debts, according to Sky News, which first reported the news.

A rival bid from Sports Investment Partners is believed to have already been eliminated from the auction for the debts.

Accountancy firm KPMG is overseeing the sale.

Racing Post, which was launched in 1986, saw its loans end up in the hands of the Irish Bank Resolution Corporation after the collapse of Anglo Irish during the financial crisis.