No more bets, thank you, no more bets. High-rollers' favourite London casino Fifty is to call in the administrators after being hit by a swathe of multi-million pound losses.
7:13PM GMT 11 Nov 2009
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Its owner London Clubs International has been trying to find a buyer for the club favoured by big spending entrepreneurs such as Mike Ashley, the owner of Newcastle United, and retail billionaire Sir Philip Green.
When no buyer came forward London Clubs sent a letter to members informing them the club would have to go into administration.
"We have explored and considered all alternatives but it is clear that despite the best efforts of the management the only option is to call in the administrators," the letter stated.
"The restaurants and bars will continue to trade as usual but for now the gaming operations remain suspended."
The club, which is on St James's Street, closed its gaming tables last month "to limit any trading volatility" while it pursued a sale.
However it has now emerged it had been suffering severe losses. Mike Ashley is believed to have walked away with winnings in excess of £1m after playing roulette for less than an hour.
London Clubs International had been looking to sell the venue with a price tag ranging from £10m to £50m according to reports.
The club opened its doors in 1827 and quickly gained a reputation for high stakes, high society gaming. In its early days it played host to the Duke of Wellington and boasted a chef who had served at the court of Louis XVI.
It has restaurants, bars and "one of the most famous and visually impressive gaming rooms in the world", according to the club's literature. Membership costs £650 a year.
The company is expected to appoint administrators next week.
