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Betfred is the winning bidder for the Tote
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3 June 2011
UK-based bookie Betfred has been chosen to buy the Tote after an auction procedure that started in November.
BBC business editor Robert Peston stated Culture Secretary Jeremy Hunt had actually selected Betfred although the deal had not been completed, with some technicalities still being arranged out.
the yohaig code cost is not yet known but Betfred is believed to have actually bid about ₤ 200m.
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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 industry might be dissatisfied, due to the fact that it was comprehended to have actually chosen the competing bid from SIP, a consortium led by British Airways chairman Martin Broughton.
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Successive federal governments have been trying to privatise the Tote for about 14 years, but have never come this promotion code near to doing so.
The government is hoping that the bet9ja's welcome offer 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 haven for punters, managed by the state, and beyond the reach of illegal bookmakers.
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It delights in a monopoly of horse race pool-betting in exchange for a warranty that money was pumped back into the sport.
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The Tote is based in Wigan, with more than 4,000 staff, and currently injects half its revenues into racing.
Last year, Chancellor George Osborne promised to secure value for taxpayers while recognising the support the Tote provided to the market.
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The Tote offered practically ₤ 19m to horse racing in 2010.
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Efforts over the past three years to sell the Tote hit problems, and the federal government faces getting a lower price than the ₤ 400m mooted in 2007.
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The Jockey Club opposes the sale and wants the Tote to stay independent.
The Tote has 517 High Street wagering stores and the to run pool betting online and at 60 racecourses in the UK.
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Betfred is the Winning Bidder for the Tote
iolakbf9402607 edited this page 2025-10-22 13:01:09 +08:00