Betfred is the Winning Bidder for the Tote
Betfred is the winning bidder for the Tote
3 June 2011
UK-based bookmaker Betfred has been chosen to purchase the Tote after an auction process that began in November.
BBC service editor Robert Peston stated Culture Secretary Jeremy Hunt had actually chosen Betfred although the deal had not been completed, with some technicalities still being sorted out.
The cost is not yet understood however Betfred is thought to have bid about ₤ 200m.
Half of the cost will go to the racing industry and racing charities, and the majority of the rest will go to the government.
The racing industry may be disappointed, because it was understood to have actually chosen the competing bid from SIP, a consortium led by British Airways chairman Martin Broughton.
Successive federal governments have actually been attempting to privatise the Tote for about 14 years, but have never come this near doing so.
The government is hoping that the deal will not fall nasty of EU state help guidelines or be overturned by a judicial review.
Jockey opposition
The Tote was established 83 years ago to provide a safe house for punters, managed by the state, and beyond the reach of prohibited bookies.
It takes pleasure in a monopoly of horse race pool-betting in exchange for a warranty 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.
In 2015, Chancellor George Osborne guaranteed to protect value for taxpayers while identifying the assistance the Tote offered to the industry.
The Tote gave nearly ₤ 19m to horse racing in 2010.
Efforts over the past 3 years to sell the Tote struck problems, and the government faces getting a lower cost than the ₤ 400m mooted in 2007.
Betfred is the winning bidder for the Tote
3 June 2011
UK-based bookmaker Betfred has been chosen to purchase the Tote after an auction process that began in November.
BBC service editor Robert Peston stated Culture Secretary Jeremy Hunt had actually chosen Betfred although the deal had not been completed, with some technicalities still being sorted out.
The cost is not yet understood however Betfred is thought to have bid about ₤ 200m.
Half of the cost will go to the racing industry and racing charities, and the majority of the rest will go to the government.
The racing industry may be disappointed, because it was understood to have actually chosen the competing bid from SIP, a consortium led by British Airways chairman Martin Broughton.
Successive federal governments have actually been attempting to privatise the Tote for about 14 years, but have never come this near doing so.
The government is hoping that the deal will not fall nasty of EU state help guidelines or be overturned by a judicial review.
Jockey opposition
The Tote was established 83 years ago to provide a safe house for punters, managed by the state, and beyond the reach of prohibited bookies.
It takes pleasure in a monopoly of horse race pool-betting in exchange for a warranty 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.
In 2015, Chancellor George Osborne guaranteed to protect value for taxpayers while identifying the assistance the Tote offered to the industry.
The Tote gave nearly ₤ 19m to horse racing in 2010.
Efforts over the past 3 years to sell the Tote struck problems, and the government faces getting a lower cost than the ₤ 400m mooted in 2007.