Billionaires Hunt Real Estate Bargains, Boost Equity Allocations
23 May 2017 – The Times
The billionaire Reuben brothers are going to the dogs. Arena Racing Company, their racecourse operation, announced yesterday that it had agreed a deal to acquire Newcastle and Sunderland greyhound stadiums from William Hill.
The acquisition, for an estimated sum of more than £10 million, follows the collapse at the eleventh hour of a sale to Sports Information Services, a specialist broadcaster that supplies live racing pictures and data to betting shops.
Arena, which has 16 racecourses, including Lingfield Park and Uttoxeter, said that it was also joining Greyhound Media Group, a group that sells the media rights of 12 greyhound tracks to betting shops.
None of the parties would comment on why the sale to SIS had fallen through, although analysts suggested that SIS may have held up completion by trying to negotiate better terms, causing William Hill to lose patience.
Under the terms of the deal, Arena will take on all 160 employees at the two stadiums, which host 520 greyhound racing fixtures a year.
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