Rangers company may be Wembley bidder

A LEISURE investment company which has a major shareholding in Glasgow Rangers is believed to be considering plans for a takeover of Wembley plc, the owner of England's national football stadium.

Wembley plc announced to the City yesterday that it was in preliminary talks with a possible bidder which ''may or may not'' lead to an offer being made.

The English National Investment Company (Enic), which has a 25.1% stake in Rangers, is reputed to be the interested company.

The Enic name became familiar to Rangers fans last April when the quarter-share in the club held by billionaire Joe Lewis was switched into the small company which is the vehicle for his business ventures in the leisure field.

At the time, Enic said it was exercising its option to acquire the 25.1% Rangers holding for #75m in Enic shares and bonds. The company said the move would provide it ''with the opportunity to participate in the future expansion of Rangers''.

Enic has controlling interests in three European football clubs - Italy's Vicenza, Slavia Prague, and AEK Athens and has recently acquired a half-share in Basle.

Speculation about Enic's interest in Wembley plc came as Wembley was poised to sell the stadium to the English National Stadium Trust - a body backed by the Football Association - for #103m.

The trust plans to demolish and rebuild the 75-year-old stadium, bulldozing its famous Twin Towers, at an estimated cost of #320m.

There are rumours that Enic would halt the stadium sale if it bought Wembley.

One financial analyst said: ''Even if the sale still goes ahead, I guess the buyer is thinking they can inherit a cash-rich company along with the Wembley Arena and its greyhound operations.''

The Wembley board is believed to be split over the sale of the stadium.

Some observers believe directors not keen on the deal may accept an Enic offer.

Speculation recently surfaced of a rival potential bidder. Car parks tycoon Stephen Tucker is said to have put together a consortium looking at paying between #150m and #200m for the site.

In recent months Enic has also been linked with takeover bids for Manchester United and Tottenham Hotspur.

Mr Lewis, who is based in the Bahamas, is reputed to be the third richest Briton, with a personal fortune estimated at #3000m. He purchased a 25% stake in Rangers in 1996.

When his stake in Rangers was switched to Enic earlier this year his 46% holding in the company was transferred to his son Charles, and other members of Enic's management.

An Enic spokesman said last night that he could not comment because of Stock Exchange rules.