Packer eyes Melbourne priest's fundraiser racing paper
PBL's magazine division, Australian Consolidated Press, is considering bidding for Winning Post, a punter's weekly paper published by a Melbourne priest since the 1980s to raise money for Doxa, a charity for Victoria's underprivileged youth.
The Australian reports that PBL is one of several businesses interested in Winning Post, which claims a weekly circulation of 21,800.
The move comes as the Packer camp waits to hear whether its $25 million offer to take a 25 per cent stake in racing broadcaster ThoroughVisioN is accepted.
The paper has been published by Fr Joe Giacobbe since the late 1980s. Fr Giacobbe and the Doxa charity have decided specialised expertise is needed to run the paper, which competes against Sportsman, owned by News Limited.
Tim Miles, owner of Miles Corporate Services which is managing the sale, said he expected a preferred buyer to be named in about 10 days. He declined to speculate on a price but said he had received about a dozen expressions of interest.
Despite Packer's growing interest in racing, it is understood PBL will make an offer for Winning Post only if it believes the paper can be run profitably.
Packer ponders priestly punt (The Australian 4/5/06)
LINKS (not necessarily endorsed by Church Resources)
Doxa Youth Foundation
4 May 2006