Ananova:

Credit card group Sportscard is to float on the Stock Exchange with an expected value of £40 million.

The company's main product is its gold card, issued by US banking giant Capital One, which is targeted at sports enthusiasts earning more than £20,000 a year.

The card gives benefits such as access to match tickets, rebates from club membership fees and discounts in high street stores.

Sportscard generates its revenues on the cards by earning a fee for each new cardholder introduced, as well as on transaction-based commission.

The group is planning to use part of the £13.9 million raised from the flotation to build up 500,000 active cardholders within five years, from its present number of 7,500.

Chief executive David Banford said: "Sportscard brings a fresh approach to the UK credit card market, which has traditionally been limited to discounted APR with little focus on sector-specific customer loyalty schemes."

Mr Banford owns around 15% of the company, while other management own another 15%.

A further 49% is owned by Pacific Investments, a company controlled by sports investment entrepreneur John Beckwith, while 20% is owned by stockbrokers Killik and Co.

Following the flotation, management will own a total of 15% of the company and Pacific 30%.

Sportscard also said it had appointed Peter Ridsdale, chairman of Leeds Sporting, which owns Leeds United Football Club, as non-executive chairman.