Raleigh, the British bicycle maker, was sold.

A U.S.-led management consortium bought the firm, once the most famous name in cycling, from the British engineering firm TI Group for $27 million. The consortium, Derby International Corp., is backed by a number of leading London financial institutions. Raleigh has been losing money since the late 1970s, when broad economic factors began pricing its bicycles out of many export markets, including the United States.