WEMBLEY, the international leisure group which owns Wembley Stadium,
has cashed in its moneyspinning film distribution business in a deal
worth up to #24.5m.
Guild Entertainment was one of Wembley's successes last year, thanks
to blockbusting video sales of such hits as Arnold Schwarzenegger's
Terminator 2. This year it has the hit thriller Basic Instinct in its
stable.
Wembley chairman Sir Brian Wolfson said the sale was in line with the
company's commitment to cut debts by disposing of non-core businesses.
The group lost #8.37m before tax in 1991. It is selling Guild to the
French company Chargeurs for #19m in cash, with a bonus of up to #5.5m
depending on the performance of the business in 1992.
Sir Brian wants Wembley to concentrate on its venue management,
ticketing and leisure services. On Thursday pop superstar Michael
Jackson will set the cash tills jingling at the stadium with the first
of a series of concerts.
Current trading was still difficult, said Sir Brian. One piece of
luck, however, has been provided by the governor of Rhode Island in the
United States, who has given consent for Wembley to instal 1200 gaming
machines at its Lincoln Greyhound Park site.
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