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 buy the Tote after an auction procedure that began in November.
BBC organization editor Robert Peston stated Culture Secretary Jeremy Hunt had actually selected Betfred although the offer had actually not been finished, with some technicalities still being figured out.
The cost is not yet understood but Betfred is thought to have bid about ₤ 200m.
Half of the charge will go to the racing market and racing charities, and most of the rest will go to the federal government.
The racing market might be disappointed, due to the fact that it was understood to have actually chosen the competing quote from SIP, a consortium led by British Airways chairman Martin Broughton.
Successive federal governments have been attempting to privatise the Tote for about 14 years, however have actually never come this near to doing so.
The government is hoping that the offer will not fall foul of EU state help rules or be reversed by a judicial review.
Jockey opposition
The Tote was established 83 years ago to supply a safe haven for punters, managed by the state, and beyond the reach of unlawful bookmakers.
It delights in a monopoly of horse race pool-betting in exchange for an assurance that money was pumped back into the sport.
The Tote is based in Wigan, with more than 4,000 personnel, and currently injects half its profits into racing.
In 2015, Chancellor George Osborne assured to protect worth for taxpayers while identifying the support the Tote offered to the market.
The Tote provided practically ₤ 19m to horse racing in 2010.
Efforts over the previous 3 years to sell the Tote struck issues, and the federal 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 buy the Tote after an auction procedure that began in November.
BBC organization editor Robert Peston stated Culture Secretary Jeremy Hunt had actually selected Betfred although the offer had actually not been finished, with some technicalities still being figured out.
The cost is not yet understood but Betfred is thought to have bid about ₤ 200m.
Half of the charge will go to the racing market and racing charities, and most of the rest will go to the federal government.
The racing market might be disappointed, due to the fact that it was understood to have actually chosen the competing quote from SIP, a consortium led by British Airways chairman Martin Broughton.
Successive federal governments have been attempting to privatise the Tote for about 14 years, however have actually never come this near to doing so.
The government is hoping that the offer will not fall foul of EU state help rules or be reversed by a judicial review.
Jockey opposition
The Tote was established 83 years ago to supply a safe haven for punters, managed by the state, and beyond the reach of unlawful bookmakers.
It delights in a monopoly of horse race pool-betting in exchange for an assurance that money was pumped back into the sport.
The Tote is based in Wigan, with more than 4,000 personnel, and currently injects half its profits into racing.
In 2015, Chancellor George Osborne assured to protect worth for taxpayers while identifying the support the Tote offered to the market.
The Tote provided practically ₤ 19m to horse racing in 2010.
Efforts over the previous 3 years to sell the Tote struck issues, and the federal government faces getting a lower cost than the ₤ 400m mooted in 2007.