The derivatives contract formerly held by Robert Tchenguiz in SCi Entertainment has been sold and in part picked up by Time Warner, leading to speculation that the US entertainment group could be looking to bid for the UK computer games maker.

The future of Mr Tchenguiz's long contracts for difference (CFD) position, covering 12.4 per cent of SCi's share capital, had been unclear since parts of Kaupthing, the inital prime broker for Mr Tchenguiz's stake, went into administration last week.