Racing Post picks bankers to oversee its £500m sale following US intrigue
OWNERS of the Racing Post bet on bankers yesterday to oversee the £500m sale, following a growing interest in online gambling providers from American media companies.
Exponent Private Equity, which originally acquired the horse racing bible in 2016, chose US-based investment bank PJT Partners to handle the auction of Spotlight Sports Group.
Sources told Sky News that the decision was based on PJT’s extensive sports and gambling experience.
The Racing Post was launched in 1986 and under Exponent’s ownership, the racing site has expanded into a sports data and services group, known as Spotlight. This includes a Free Super Tips website, a US-focused betting insight platform called Pickswise and another called MyRacing.
The digital shift has been key to the company’s strategy, and its digital channels now account for more than two-thirds of its revenue.
However, it’s not all wins across the board, and the pandemic led to both betting shop closures, as well as a heavy blow to print readership.
Spotlight Sports’ parent company, Fence Topco, reported disappointing revenues in its most recent results, falling nearly a fifth to just under £65m: a factor that may impact the upcoming sale price.
The sale process, which will kick off in 2022, is expected to attract significant interest in Spotlight from American bidders.
Exponent were unable to comment.