Jockeying for position at racecourse group

The operator of seven UK courses, including Doncaster, Royal Windsor and Wolverhampton, said in a regulatory filing yesterday that the Reubens' vehicle, Reuben Brothers Limited, had upped its holding to 107.6 million shares or 29.55 per cent.

The move by the Reubens could reignite speculation they want to combine Arena Leisure with the Northern Racing business they acquired for 90m in 2007.

Northern Racing owns 10 British courses, including Chepstow and Uttoxeter.

However, a spokesman for the Reubens dismissed such a scenario, saying the brothers were long-term investors in Arena Leisure and had picked-up the additional stock after being offered it by Bank of Scotland.

"I don't think it's true," he said when asked if the Reubens planned a bid.

"We've been buying their shares from time to time. There was an opportunity to increase our stake, that's what we did," he said.

Arena Leisure was not immediately available for comment.

Shares in Arena Leisure were unchanged at 29 pence, valuing the business at 106m.

British property tycoon Trevor Hemmings is Arena's largest shareholder with 41.1 per cent, according to Thomson Reuters data.