Wed, 03 Aug 2011 | BUSINESS SALE
Racecourse company Arena Leisure has made public its 11.3 per cent rise in attendance levels in a bid to attract potential buyers.
It also recently announced its intention to undertake a review looking into options to “increase value for shareholders”.
The firm is seeking to replace the turnover lost through a decline in bookmaker funding. Bookmakers have been moving their online and telephone operations to low-tax offshore locations such as Gibraltar, which has led to a drop in levy income. Government ministers are said to be assessing ways to recoup the lost income.
In contrast to the climb in paying visitors to Arena’s nine racetracks, the rest of the racecourse industry has suffered from flat attendance.
The increase in attendance has been attributed to the free royal wedding fixture at Doncaster, amongst other similar initiatives.
Northern Racing owners Simon and David Reuben already own a large stake in Arena Leisure already, and their interest in buying the business is known. Satellite Information Services, the bookmaker-owned broadcaster, is considering a £22 million bid for Arena, while racehorse owner Trevor Hemmings, who holds a 41.5 per cent holding in Arena, is also thought to be interested.
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