Britain's Trinity Mirror has agreed to sell its Racing Postnewspaper to FL Partners, an investment vehicle led by Ireland's Peter Crowley and Neill Hughes, for stg£170 million (€244 million).
Trinity, the owner of the Daily Mirror tabloid, also said it planned to retain its central England newspaper titles and remaining titles in the south east.
"It is clear to us that offers for the businesses we are retaining in the Midlands and the South East did not reflect their true value. Conditions in the debt markets have inevitably impacted on the positions of potential bidders," the firm said in a statement.
Trinity said its overall disposal programme would raise £263 million from the sale of seven businesses in London and the South East and the Sports Division, well below early analyst expectations.
Shares in Trinity fell to a five-month low in August when it said the money it would raise from the disposals would be less than expected.
Analysts had originally expected figures ranging from £600 million to £650 million, but Trinity said in August this would be nearer £450 million.