RACEHORSE owner Norman Mason may give up his trainer's permit as attempts are made to resolve a cash crisis in his leisure business empire.

Administrators were called in to handle the affairs of the self-made millionaire's bingo hall, amusement arcade and pub company earlier this week. They were last night confident that the Mason Organisation could emerge from the three-month administration period without having to shed any of the 400-plus workforce or close any of the company's 31 premises, mostly in the North-East.

Mr Mason, 66, rose to fame as owner of the 2001 Grand National winner Red Marauder, one of about 50 horses trained at his Brancepeth Manor stables, in County Durham.

But growing cashflow problems with his businesses led Mr Mason to voluntarily petition a court administration order.

The Sunderland company was put into the hands of accountants at BKR Haines Watts as administrators at Leeds High Court on Monday.

BKR Haines Watts partners Ted Fergusson and David Walker, appointed joint administrators, have declined to divulge the extent of the problems.

A BKR statement said: "The administrators are confident a solution can be found to the current problems and are allowing all contracts of employment to continue."

Mr Fergusson said the main objective remains the survival of the company.

"It's something we feel very optimistic about. This company is still trading with positive cash flow."

A BKR spokesman said the administration did not affect Mr Mason's racing interests.

Mr Mason was unavailable for comment last night on speculation that he is to hand in his trainer's permit.