24 September 2009 – Racing Post
The property and investment entrepreneurs David and Simon Reuben have strengthened their involvement in British horseracing by increasing their stake in Arena Leisure to 20.25 percent.
In April 2007, the Reuben Brothers group bought rival racecourse group Northern Racing in a deal worth £90 million, and returned the company founded by the late Sir Stanley Clarke to private status.
At the same time Reuben Brothers acquired a 14 per cent holding in Arena. The increased shareholding in Arena was confirmed yesterday, after the London Stock Exchange reported notification the group was behind the movement of more than 56 million shares, or more than 14 per cent of the seven-track group’s total equity, last Friday.
As the Racing Post suggested at the weekend, rumours that Reuben Brothers was getting out of Arena have proved wide of the mark, and yesterday’s notification confirmed that, on the contrary, the group has increased its holding by converting contracts for difference (CFDs) into equity.
A spokesman for the group said “Contrary to the market rumours, Reuben Brothers has registered its holdings in Arena Leisure, and now holds 20.25 per cent of Arena leisure”
Grand National-winning owner and Jockey Club member Trevor Hemmings remains Arena’s biggest shareholder, with more than a 40 percent stake through two separate business vehicles.