The Racing Post, the UK’s only horseracing daily, looks set to be acquired from Trinity Mirror by Irish investment vehicle Festina Lente Partners for around £190m. FL has entered into exclusive talks with Trinity Mirror’s bankers, in a week when the final deadline for offers is due.

FL, which is thought to have overcome opposition from a consortium of private equity firms Exponet and Veronis Suhler Stevenson, is being advised by former Racing Post editor Allan Byrne on the bid. The group is headed by Dublin-based financier Peter Crowley, and backed by Anglo-Irish bank.

The group will still have to seek the approval of Dubai Ruler Sheikh Mohammed bin Rashid al-Mak-toum, founder of the Racing Post, who still retains the right to veto its resale.

It has been suggested that shareholders will be disappointed with the price, as Trinity Mirror rejected initial bids of as much as £195m, and the paper was expected to fetch over £200m.

Trinity Mirror is also receiving bids for its Midlands newspaper portfolio, including the Birmingham Post & Mail, and is selling its South East portfolio for which bids are due at the end of the week.