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Trinity Mirror, the company behind the Daily Mirror newspaper, has confirmed that it has sold its sports division.

In a statement today the newspaper group said the sale included the disposal of its renowned racing title, the Racing Post.

Irish investment firm FL Partners has bought Trinity Mirror's sports unit for the price of £170 million.

Trinity Mirror says that the sale of the division and seven businesses in London and the south-east will raise a total of £263 million, which the group plans to return to its shareholders.

However the company confirmed that it intends to retain its remaining regional titles in the Midlands and south-east, abandoning earlier plans for their disposal.

Trinity Mirror said it had taken the decision to retain the titles because it did not believe the offers it had received for some of its assets reflected their true value.

Company bosses said that current conditions on the debt markets had "inevitably impacted" upon potential bidders.

Trinity Mirror said that following the completion of the disposal programme, which follows a review of its businesses, it intends to turn its focus towards building a "multi-platform" media business.

Commenting, Trinity Mirror chief executive Sly Bailey said: "The process will enable Trinity Mirror to go forward as a more tightly focussed media group, which is nimbler and more able to respond to the opportunities in its markets.

"It has also released a significant amount of capital, which we intend to return to shareholders.

The company has repeated its assertion that it expects to report a performance in line with expectations for 2007.