The Next Generation auction has reached the last stages, with three finalists now in the running, namely Whitbread, owner of the David Lloyd Leisure health club chain; Esporta and property firm London & Regional Properties.

According to the Financial Times, property tycoon Robert Tchenguiz is believed to have dropped out of the running in order to concentrate on his bid for pub chain Mitchells and Butlers, expected to be made in the next 10 days.

A decision on the Next Generation winner is expected within the next week.

The final decision will be made by the company’s shareholders, including founders David and Scott Lloyd, and horseracing entrepreneurs Dermot Desmond, Michael Tabor, John Magnier and JP McManus.

Photograph: David and Scott Lloyd