What is happening at the Racing Post, the turf bible that was bought from Trinity Mirror by Irish private equity group FL Partners for £170m in 2007?
Around £120m is thought to be debt, with the remainder equity, but as the paper's circulation (and value) supposedly takes a tumble there are constant rumours in the industry that banking covenants may be about to be strained (denied by FL).
That fence might be easily negotiable if, for example, one's bank is riding the financial crisis well itself. So which lender provided the debt financing for FL's Racing Post deal? Step forward Anglo Irish (which was nationalised last week).