Mon, 01 Nov 2021 | BUSINESS SALE
Exponent Private Equity has reportedly entered talks with investment banks over a potential sale of Spotlight Sports Group, the parent company of sports betting publication Racing Post. Exponent has owned Racing Post since 2016 and the potential sale could reportedly reach £500 million.
While continuing to be published in print, Racing Post, like other brands in the Spotlight Sports Group, also has a strong digital offering, including a popular mobile app and a website featuring both free and premium paid for content.
Other brands in the group include betting tips websites Free Super Tips and My Racing, USA-based betting insight platform Pickswise and agency ICS Digital, which provides third-party services including digital marketing, SEO and translation for betting firms.
Racing Post was founded in 1986 by the ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, who holds the Racing Post brand name in perpetuity. The publication’s previous owners include Trinity Mirror (now trading as Reach) and investment company FL Partners.
Spotlight Sports has increasingly transitioned from a print-only business, with digital channels now accounting for over two-thirds of group revenue. This digital offering, along with the group’s continuing international expansion, are likely to help Exponent attract a high price in the sales process.
In its financial accounts for the year ending December 31 2020, Spotlight Sports Group reported revenue of £46.8 million, down from £59.2 million in 2019. In line with this, the company’s adjusted EBITDA declined from £21.1 million in 2019 to £11.3 million last year, while it fell from a a £3.4 million post-tax profit to a £1.2 million loss.
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