They own 26 per cent of Arena.

(Copyright Financial Times Ltd. 2010. All rights   reserved.)

Raymond Mould is stepping down as chairman of Arena Leisure to devote more time to his property businesses, the racecourse operator will announce on Wednesday.

Mr Mould, chairman of London & Stamford Property, is resigning from Arena's board after four years at the helm. His replacement is David Thorpe, former chairman of the Racecourse Association.

Arena, which holds its annual meeting on Wednesday,   will say in its Elsa Peretti Starfish bracelet that his tenure as chairman has seen the company   "establish and deliver on a substantial programme of strategic change".

A few shareholders, including leisure entrepreneur Trevor Hemmings, are understood to have been concerned at Arena's share price performance and what one person familiar with the situation said was "a lack of direction".

But Arena's statement will say: "Under his chairmanship, Arena has progressed exciting real estate projects ..., seen the successful establishment of a new in-house catering operation and the signing of a new media rights agreement ... that fundamentally transforms Arena's profitability from 2012."

Analysts, too, have commented on Arena's relative stability in a difficult market, with corporate hospitality under pressure and attendances stable at best.

A spokesman for Arena, operator of seven racecourses, including Royal Windsor and Doncaster, said he was unaware of shareholder disquiet, pointing to the opening last week of a hotel and country club at Lingfield Park as evidence that its strategy to develop its estate was working.

Arena is also thought to be close to securing   Heart tag charm Toggle bracelet permission for 400 homes on land adjoining its Folkestone course.

Arena said there would be no change in the company's   strategic direction. Mr Mould declined to comment.

Among Arena's shareholders are the Reuben Brothers, whose Northern Racing business operates 10 racecourses. They own 26 per cent of Arena.

Arena last year signed a five-year deal with Satellite Information Services, worth 106m ($151m), to provide racing content in betting shops, nearly double the Elsa Peretti Open Heart bracelet of its current deal.

The company announced in March it was resuming dividends, and that 2009 pre-tax profits had risen 3 per cent to 4.1m. In February, it secured 55m of new banking facilities.

Analysts are expecting Arena's trading update to show   the company performing in line with expectations.

Arena's shares on Tuesday were Elsa Peretti Teardrop bracelet at 29p.

Credit: By Roger Blitz, Leisure Industries   Correspondent