Queen's Club raises £5m bid fund

The members of Queen's Club, the exclusive west London tennis venue which hosts the annual Stella Artois tournament, claim to have raised at least £5m as they mount a last-ditch bid to buy the club.

Its 4,000 members have less than two weeks to come up with a significant chunk of the £40m being asked by the club's owner, the Lawn Tennis Association.

The association put Queen's Club up for sale last month. Its advisers, finance boutique LongAcre, has set a deadline for bids of 4 November.

Club chairman Alexander Anton told The Independent on Sunday that its "fighting fund" had already raised around £5m. It sent out letters to members 10 days ago asking them to contribute at least £10,000 each to own a share in the club.

Wealthier members can take part in the patron scheme to buy a debenture worth £250,000, £110,000 or £60,000. He added that this week he would choose one of three banks lined up to provide debt financing for the bid, but declined to say their names or how much debt would be raised.

"We have had a tremendous show of support. We have teams of people opening envelopes. We are in the privileged position of providing equity which does not need a return."

But the members are likely to face at least one other rival bid. Several prominent City executives have formed one bidding consortium. Former British tennis player David Lloyd is also reported to be a potential bidder via the Next Generation, the fitness group.

Bidders believe that the £40m asking price is too high. Earlier this year, the members valued Queen's Club at £21m.

According to accounts filed at Companies House, in the year to September 2004 it made a profit after tax of £1.1m.

Members of the club, which was established in 1886, include international financier George Soros and British Land chairman John Ritblat.