Four racing-related charities are each to receive £2.5million following the sale of racing’s trade newspaper, the Racing Post.

The Irish private equity investment company FL Partners paid £170m to buy the punters’ favourite from Trinity Mirror plc.

Alan Byrne, who edited the paper from November 1993 to January 2003, has been appointed chief executive and editor-in-chief.

Former owner Trinity Mirror plc agreed to donate the money equally between Racing Welfare, the Injured Jockeys’ Fund, Retraining of Racehorses and trainer Barney Curley’s Direct Aid to Africa charity, as a condition of the transfer of the licence to use the Racing Post trademark.

The decision was taken at the suggestion of Sheikh Mohammed, who founded the daily paper in 1986.

This news story was first published in Horse & Hound