2 April 2012 – The Sunday Times
DAVID and Simon Reuben have finally got their hands on Windsor racecourse. The billionaire brothers, who own Northern Racing, were cleared last week by the Office of Fair Trading to complete their takeover of Arena Leisure, which owns seven tracks, including Windsor.
The deal was tortuous. The deadline had to be extended no fewer than five times — apparently so the board could persuade Trevor Hemmings, the leisure tycoon who was Arena’s biggest shareholder, to accept the Reubens’ 44¼p bid. Hemmings and the Reubens won’t be the only ones popping champagne. Galloping over the finish line brought a payday of almost £2.5m that was shared between Arena’s three bosses — Mark Elliott, chief executive, Tony Harris, finance director, and Ian Renton, racing director.
The windfall came from long-term incentives vesting. Not bad for selling a company whose share price has limped along for years.