Race on for Wembley dog track

A BUYERS' stampede is developing for Lincoln Park, the Rhode Island greyhound track that has embroiled British owner Wembley in charges that two of its former executives tried to bribe an American politician.

At least six bidders are thought to have contacted Wembley with serious inquiries to buy Lincoln Park, which in 2002 churned out profits of $56 million (£33 million).

Last week, horse racing and casino company Penn National disclosed that it was in talks to buy all or part of former stadium-owner Wembley, which has a stock market value of almost £200 million.

Other potential bidders for all or some of Wembley's assets are said to include casino companies MGM Mirage, Harrah's and Park Place and investment firms, including buy-out specialists Kohlberg Kravis Roberts.

Wembley had not set a deadline to decide whether it would sell itself or any assets. Its shares remain well below where they were in September when the company and two of its top executives were charged with conspiring to bribe an associate of John Harwood, Speaker of the Rhode Island State House at the time.

The company and the executives have denied wrongdoing.

Ironically, Penn National recently spent millions opposing proposals to allow slots at greyhound tracks in the Mile High State. A victory in the referendum would have been a boon to Wembley in Colorado, where it owns four greyhound tracks.