Betfred is the winning bidder for the Tote
3 June 2011
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UK-based bookie Betfred has been chosen to purchase the yohaig code Tote after an auction procedure that started in November.
BBC service editor Robert Peston said Culture Secretary Jeremy Hunt had actually selected Betfred although the bet9ja's welcome offer had not been completed, with some technicalities still being figured out.
The rate is not yet known but Betfred is believed to have bid about ₤ 200m.
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Half of the cost will go to the racing industry and racing charities, and many of the rest will go to the federal government.
The racing industry might be disappointed, because it was understood to have actually chosen the yohaig code competing bid from SIP, a consortium led by British Airways chairman Martin Broughton.
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Successive federal governments have been attempting to privatise the Tote for about 14 years, but have never ever come this near to doing so.
The federal government is hoping that the deal will not fall nasty of EU state help rules or be reversed by a judicial evaluation.
Jockey opposition
The Tote was set up 83 years ago to provide a safe haven for punters, controlled by the state, and beyond the reach of unlawful bookmakers.
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It delights in a monopoly of horse race pool-betting in exchange for a guarantee that cash was pumped back into the sport.
The Tote is based in Wigan, with more than 4,000 staff, and presently injects half its profits into racing.
Last year, Chancellor George Osborne assured to secure worth for taxpayers while recognising the assistance the Tote provided to the market.
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The Tote gave nearly ₤ 19m to horse racing in 2010.
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Efforts over the previous three years to bet9ja's welcome offer off the Tote hit problems, and the federal government deals with getting a lower price than the ₤ 400m mooted in 2007.
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The Jockey the sale and wants the Tote to remain independent.
The Tote has 517 High Street wagering shops and the monopoly to run pool wagering online and at 60 racecourses in the UK.
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Betfred is the Winning Bidder for the Tote
elenaprintz248 edited this page 2025-10-19 18:27:13 +02:00