Betfred is the winning bidder for the Tote
3 June 2011
UK-based bookmaker Betfred has been picked to purchase the Tote after an auction procedure that began in November.
BBC company editor Robert Peston said Culture Secretary Jeremy Hunt had selected Betfred although the yohaig code deal had actually not been finished, with some technicalities still being figured out.
The price is not yet known but Betfred is believed to have bid about ₤ 200m.
Half of the cost will go to the racing market and racing charities, and the majority of the rest will go to the federal government.
The racing market may be disappointed, due to the fact that it was comprehended to have preferred the competing bid from SIP, a consortium led by British Airways chairman Martin Broughton.
Successive federal governments have actually been trying to privatise the Tote for about 14 years, but have never ever come this promotion code near doing so.
The government is hoping that the yohaig code bet9ja's welcome offer will not fall nasty of EU state help guidelines or be reversed by a judicial evaluation.
Jockey opposition
The Tote was established 83 years ago to bet9ja's welcome offer a safe house for punters, managed by the state, and beyond the reach of illegal bookmakers.
It takes pleasure in a monopoly of horse race pool-betting in exchange for an assurance that cash was pumped back into the sport.
The Tote is based in Wigan, with more than 4,000 staff, and currently injects half its profits into racing.
Last year, Chancellor George Osborne assured to secure worth for taxpayers while recognising the assistance the Tote offered to the industry.
The Tote provided practically ₤ 19m to horse racing in 2010.
Efforts over the past three years to sell the Tote hit problems, and the federal government deals with getting a lower price than the ₤ 400m mooted in 2007.
The Jockey Club opposes the sale and desires the Tote to remain independent.
The Tote has 517 High Street wagering shops and the monopoly to run pool betting online and at 60 racecourses in the UK.
