Two former executives of gaming group Wembley are facing the prospect of lengthy jail terms after being found guilty of conspiring to bribe a senior politician in the US state of Rhode Island.
Former chief executive Nigel Potter, who stepped down in 2004 to fight the charges, faces up to 20 years in prison while the former manager of Wembley's Lincoln Park track, Daniel Bucci, could serve up to 25 years.
Both men are to appeal the convictions.
Wembley used to own the Perry Barr and Hall Green greyhound stadiums in Birmingham which were acquired earlier this year by leisure entrepreneur Luke Johnson.
He also bought tracks at Belle Vue in Manchester, Wimbledon, Oxford and Portsmouth.
Now little more than a shell company, Wembley's big selloff including its US interests was sparked by the court case problems.
The two were found guilty, alongside Wembley's Lincoln Park business, of conspiracy to bribe former Rhode Island House Speaker John B. Harwood with up to $4 million.
In exchange they wanted him to allow the company to install 1,000 more slot machines on the site and block plans by Harrah's Entertainment, the world's biggest gaming company, to build a rival casino on the Narragansett Indian reserve.
The track executives were convicted of scheming in late 2000 and early 2001 to bribe Mr Harwood through his law partner - and track lawyer - Daniel V. McKinnon.
"The jury in the US federal court in Worcester, Massachusetts has returned guilty verdicts against (our subsidiary) LPRI LLC, on a charge of conspiring to deprive the citizens of Rhode Island of the honest services of the former Speaker of the Rhode Island House of Representatives and on two counts of wire fraud," the company said in a statement.
Wembley said its unit, which may also appeal the verdict, faced a maximum fine of $1.5 million.
But having set aside $3 million in an escrow account, it said it would be able to return a minimum of 878 pence per share to investors after winding itself up, three pence more than previously indicated.
The company recently completed the sale of its US gaming arm to BLB Investors, a consortium fronted by South African tycoon Sol Kerzner, founder of the Sun City resort.
Having also sold its other major asset - the six British greyhound racing tracks - Wembley repeated that shareholders may receive up to 915 pence per share upon completion of its voluntary liquidation.