Arsenal to create stadium company

Shares in Arsenal Football Club, which is quoted on the lightly regulated Ofex market, shot up 29 per cent yesterday on the Premiership club's plan to create a holding company for its 60,000-seat stadium development at Ashburton Grove.

The price rose £500 to £2,200 per share as the Gunners said creating Arsenal Holdings to separate the stadium plans from day-to-day football operations would allow financing for the stadium to be put in place.

Investors will vote on the plan at the annual meeting on 7 September.

Meanwhile the London club Millwall, which won promotion to Division One last season, said it planned to raise £4.95m to help it challenge for a place in the Premier League.

The Premiership club Leicester City confirmed it had received a takeover approach, believed to be from a former director, Gilbert Kinch. The shares rose 13 per cent to 57.5p.