The Reuben brothers, Simon and David, have spent some US$3.25 million in purchasing more than 11.6 million shares in racecourse operator Arena Leisure.

The Reubens are already owners of rival operator Northern Racing and through the latest aquisition have increased their stake in Arena Leisure to 26.21 per cent - a stake worth some US$26.6 million.

Arena operates seven of the UK's racecourses - at Doncaster, Folkestone, Lingfield, Windsor, Southwell, Wolverhampton and Worcester.

The latest development follows a pattern of regular purchase of Arena shares over the past six month, taking the Reuben brothers ever closer to the figure of 30 per cent at which they would be obliged to make a bid for the company.

Grand National-winning owner Trevor Hemmings owns 41 per cent of Arena through two separate business vehicles and he would no doubt prove a hefty stumbling block should the brothers attempt an eventual takeover.

The Reuben brothers bought Northern Racing in April 2007, in a deal worth around US$160 million.