Wembley runs six UK greyhound tracks

Wembley shares were down 15% at 560p one hour after the London market opened on Wednesday morning.

The sell-off came as investors digested news that Wembley's US subsidiary Lincoln Park had been indicted over bonuses that the firm allegedly paid to a legal attorney in Rhode Island.

The US authorities have also issued indictments against the company's chief executive, Nigel Potter, and Lincoln Park boss Dan Bucci.

The charges follow an investigation by a federal grand jury.

Wembley said it would "vigorously" contest the charges, and stressed that it "fully" supported Mr Potter and Mr Bucci.

"The board of Wembley remains of the view that the allegations are without foundation," the company said in a statement, adding that it was too early to gauge what the impact of a guilty verdict would be.

The firm said Mr Potter and Mr Bucci would step down temporarily, leaving them free to concentrate on battling the charges.

Wembley is the former owner of the UK's iconic Wembley sports stadium in north west London.

It diversified into gaming after selling the stadium in 1999, and now runs slot machine operations in the US, and greyhound racing facilities in the UK.