Betfred is the winning bidder for the Tote
3 June 2011
UK-based bookie Betfred has been picked to buy the Tote after an auction procedure that started in November.
BBC business editor Robert Peston said Culture Secretary Jeremy Hunt had actually chosen Betfred although the offer had actually not been finished, with some technicalities still being figured out.
The cost is not yet known however Betfred is believed to have bid about ₤ 200m.
Half of the fee 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 dissatisfied, due to the fact that it was comprehended to have actually chosen the competing quote from SIP, a consortium led by British Airways chairman Martin Broughton.
Successive governments have been attempting to privatise the Tote for about 14 years, however have actually never come this promotion code close to doing so.
the yohaig code federal government is hoping that the deal will not fall nasty of EU state aid guidelines or be overturned by a judicial review.
Jockey opposition
The Tote was set up 83 years ago to offer a safe house for punters, controlled by the state, and beyond the reach of illegal bookies.
It enjoys a monopoly of horse race pool-betting in exchange for a guarantee that cash was pumped back into the yohaig code sport.
The Tote is based in Wigan, with more than 4,000 personnel, and presently injects half its revenues into racing.
Last year, Chancellor George Osborne promised to secure worth for taxpayers while acknowledging the support the Tote provided to the market.
The Tote gave practically ₤ 19m to horse racing in 2010.
Efforts over the previous 3 years to bet9ja's welcome offer off the yohaig code Tote struck problems, and the government deals with getting a lower rate than the ₤ 400m mooted in 2007.
The Jockey Club opposes the sale and wants the Tote to remain independent.
The Tote has 517 High Street betting stores and the monopoly to run swimming pool wagering online and at 60 racecourses in the UK.
