An investment group set up by former IBI Corporate Finance chief executive Peter Crowley has been shortlisted to buy the Racing Post, the daily UK horseracing newspaper that the Trinity Mirror group has put up for sale with a price tag of about £200 million.

FL Capital Partners, which was established last September by Mr Crowley and former IBI director Neill Hughes, is one of four groups asked to lodge a second bid this week.

The other shortlisted parties are believed to be Goldman Sachs, HBOS and a joint bid from private equity groups Exponent and Veronis Suhler Stevenson.

Trinity Mirror is also selling a number of regional titles in England. It expects to net about £600 million from the sale of these various assets and Goldman Sachs is thought to have bid for all the titles.

It is understood that FL Capital Partners is backed by a number of wealthy individuals, including members of the "racing and sporting fraternity". Speculation will surround the possible involvement of John Magnier and JP McManus, who were reported recently to be interested in buying the Racing Post.

Denis O'Brien has also been linked with the investment group. Mr Hughes was previously head of Island Capital, Mr O'Brien's investment vehicle.

FL Capital Partners is believed to be looking at a number of corporate transactions offering good long-term investment opportunities.

Mr Crowley left IBI in August 2006 while Mr Hughes also worked for IBI. The pair have set up a number of property-related ventures. These include Mere Capital, a property investment group, and Lisnamere Developments, which is behind a housing development in Dundalk.

Mr Crowley joined IBI in 1990 before leaving the company for a few years in mid-1992 to work for Sigma Communications. He became IBI's chief executive in 1999 and is also an independent director with Irish Continental Group, which is currently the subject of a bid. No comment was available from FL Partners.