Simon and David Reuben have won the race to buy Northern Racing, which owns nine racecourses including Uttoxeter and Chepstow. Daily Telegraph

The board of Northern Racing recommended the 200p-a-share cash offer of NR Acquisitions, the Reubens' bid vehicle.

St Modwen and the Clarke family, which between them own 86.2% of the shares, accepted an offer of 185p a share for their stakes.

The deal values the company at £65.9m, plus debt.

The Reubens have promised to keep the racecourses as going concerns.