Betfred is the Winning Bidder for the Tote
Betfred is the winning bidder for the Tote
3 June 2011
UK-based bookie Betfred has actually been selected to purchase 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 deal had not been completed, with some technicalities still being figured out.
The rate is not yet understood but Betfred is believed to have bid about ₤ 200m.
Half of the cost will go to the racing market and racing charities, and most of the rest will go to the government.
The racing market may be dissatisfied, since it was understood to have actually preferred the competing quote 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, however have actually never ever come this close to doing so.
The federal government is hoping that the deal will not fall nasty of EU state aid rules or be reversed by a judicial review.
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 illegal bookies.
It enjoys a monopoly of horse race pool-betting in exchange for a warranty that money 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.
In 2015, Chancellor George Osborne guaranteed to protect worth for taxpayers while identifying the support the Tote offered to the industry.
The Tote offered nearly ₤ 19m to horse racing in 2010.
Efforts over the past 3 years to offer off the Tote struck issues, and the government faces getting a lower rate than the ₤ 400m mooted in 2007.
Betfred is the winning bidder for the Tote
3 June 2011
UK-based bookie Betfred has actually been selected to purchase 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 deal had not been completed, with some technicalities still being figured out.
The rate is not yet understood but Betfred is believed to have bid about ₤ 200m.
Half of the cost will go to the racing market and racing charities, and most of the rest will go to the government.
The racing market may be dissatisfied, since it was understood to have actually preferred the competing quote 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, however have actually never ever come this close to doing so.
The federal government is hoping that the deal will not fall nasty of EU state aid rules or be reversed by a judicial review.
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 illegal bookies.
It enjoys a monopoly of horse race pool-betting in exchange for a warranty that money 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.
In 2015, Chancellor George Osborne guaranteed to protect worth for taxpayers while identifying the support the Tote offered to the industry.
The Tote offered nearly ₤ 19m to horse racing in 2010.
Efforts over the past 3 years to offer off the Tote struck issues, and the government faces getting a lower rate than the ₤ 400m mooted in 2007.