Penn the favourite for Wembley

TROUBLED gambling group Wembley today effectively put up a 'for sale' sign as it admitted to receiving a number of takeover approaches. It is the latest chapter in a sorry saga. The group faces a $4.5m (£2.65m) bribery charge in the US and agitated investors calling for management changes.

Wembley was pushed into announcing the takeover talks after Philadelphia-based Penn National Gaming said it was discussing a possible cash deal for part or all of the group, which also owns UK and US greyhound tracks.

But Penn, run by tycoon Peter M Carlino, is facing rival bidders, most of whom are interested in the hugely profitable Lincoln Park dog track and casino on Rhode Island.

Dan Bucci, chief executive of the Lincoln Park division, is one of those indicted on charges of conspiring to influence improperly the actions of public officials. Ex-chief executive Nigel Potter also stood down after being indicted on the same charges.

Shares in Wembley, as high as 810p in February, today surged 42 1/2p to 570p as investors welcomed the prospect of a bid.