Billionaire Manx resident Trevor Hemmings has died aged 86.

The leisure tycoon, who lived in Andreas, also a leading racehorse owner, winning the Grand National on three occasions.

He also owned Preston North End, which last night released a statement to say: "Preston North End Football Club can sadly confirm the devastating news that its owner Trevor Hemmings CVO has passed away this evening 11th October 2021.

"A further statement will be made in the coming days but in the meantime his family would ask that their privacy be respected at this difficult time."

Ramsey MHK and chief minister contender Alex Allinson tweeted: ’A sad loss. He loved our island, invested in the future of the North and supported many local charities. My condolences to his family and friends.’The other chief minister candidate, Alfred Cannan, in whose constituency Mr Hemmings lived, tweeted: 'Saddened by the sudden death of Trevor Hemmings. businessman, race horse owner and philanthropist'A strong supporter of the community he quietly and often anonymously gave significant donations to many local charities on the island. Thoughts with his family at this time.'

Hemmings saw his green, yellow and white colours carried to victory in the Grand National at Aintree by Hedgehunter (2005), Ballabriggs (2011) and Many Clouds (2015).

Cloth Cap, named after his favourite headwear, was favourite for the 2021 race but was unable to give him a record fourth triumph.

He won the Hennessy Gold Cup with Trabolgan and his Cheltenham Festival successes included two Ryanair Chase wins for Albertas Run. He also owned eventing horses ridden by Zara Tindall.

Hemmings was born in Woolwich, London, where his father worked at the Royal Ordnance factory.

After moving to Lancashire, he began work as a bricklayer’s apprentice upon leaving school at 15.

He twice owned holiday camp chain Pontins and was the owner of the Blackpool Tower for a time before selling to the town’s council in March 2010.

A director at Preston in the 1970s, Hemmings completed the takeover of the club in 2010 after his Deepdale PNE company acquired 51% of the shares, having initially held 28%.

In 2011, he was appointed a Commander of the Royal Victorian Order (CVO) for his work as vice-president of the Princess Royal Trust for Carers.

Hemmings is survived by his wife, Eve, and their four children.