Mr Seán Quinn's bid to win control of the Wentworth Club in Surrey was stalled yesterday, while the club's shareholders discussed exactly how the exclusive facility should be sold.
Mr Quinn was the highest bidder on the golf club and spa before the latest development, having submitted a £102 million sterling (€150 million) indicative offer on Friday evening.
This topped a bid of £100 million that had earlier been tabled by retail entrepreneur, Mr Richard Caring.
It is believed that Mr Quinn's £102 million bid, which marked a significant increase on his first approach of £87.5 million, was made just as Wentworth's largest shareholder was preparing to irrevocably recommend Mr Caring's offer.
Wentworth is 60 per cent owned by property firm, Chelsfield, with the remainder owned by 26 individual and institutional investors.
The Irish investors who took over the Savoy hotel group in Britain earlier this year are among this group.
Mr Derek Quinlan, who advised on the Savoy takeover, is also acting on their behalf in this instance.
Former media tycoon, Mr Eddy Shah, is also a shareholder. Mr Shah is reported to have expressed much discontent over the handling of the sale to date.
Earlier in the process, he favoured an approach made by a bidder who has since fallen out of the race.
The chairman of Chelsfield, Mr Elliot Bernerd, is known to have favoured Mr Caring's approach.
The Times in London reported yesterday that Mr Bernerd had agreed a deal with Mr Caring whereby a rival bidder would need to offer at least £110 million to gain Chelsfield's recommendation and trump the property developer's offer.
The status of Mr Quinn's offer was unclear last night although the Fermanagh businessman is thought to be determined to win the day.
Mr Quinn, who is being advised by Deloitte in Dublin, sees Wentworth as a trophy asset that could support the image and social needs of his burgeoning business in Britain.
These operations, which include radiators, glass, hotels and insurance, have a combined turnover of some £500 million sterling.
Wentworth's shareholders met last night in an attempt to resolve the matter. They are expected, according to market sources, to invite one more bid from the interested parties.
Under the club's structure, any of the 26 smaller shareholders would then have the right to match this bid if they so chose.
This is seen as an unlikely development.
