Sir Martin Broughton, the former chairman of the British Horseracing Board, is reported to be preparing a bid for the Racing Post.
The paper's loans of €200m are being put up for sale by IBRC as part of the Evergreen portfolio of assets.
The deadline for bids is Friday.
The sale of the loans is part of the liquidation process which is being run by KPMG.
Sky News has reported that Sir Martin's private equity vehicle Sports Investment Partners is expected to submit a bid.
The existing owners, Dublin-based FL Partners, are also expected to submit an offer.
The Racing Post's CEO is Irish journalist Alan Byrne.
The paper publishes an Irish and a UK edition.