Betfred is the yohaig code winning bidder for the Tote
3 June 2011
UK-based bookie Betfred has been picked to purchase the Tote after an auction procedure that began in November.
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BBC business editor Robert Peston said Culture Secretary Jeremy Hunt had selected Betfred although the offer had actually not been completed, with some technicalities still being figured out.
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The price is not yet understood however Betfred is thought to have bid about ₤ 200m.
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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.
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the yohaig code racing market might be disappointed, since it was comprehended to have preferred the yohaig code rival bid from SIP, a consortium led by British Airways chairman Martin Broughton.
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Successive governments have been trying to privatise the Tote for about 14 years, but have actually never ever come this promotion code near doing so.
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The government is hoping that the offer will not fall nasty of EU state help rules or be overturned by a judicial review.
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Jockey opposition
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The Tote was set up 83 years ago to offer a safe house for punters, managed by the state, and beyond the reach of prohibited bookies.
It takes pleasure in a monopoly of horse race pool-betting in exchange for an that cash was pumped back into the yohaig code sport.
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The Tote is based in Wigan, with more than 4,000 personnel, and currently injects half its revenues into racing.
Last year, Chancellor George Osborne promised to secure value for taxpayers while identifying the support the Tote offered to the industry.
The Tote gave practically ₤ 19m to horse racing in 2010.
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Efforts over the previous three years to sell the Tote struck issues, and the government faces getting a lower cost than the ₤ 400m mooted in 2007.
The Jockey Club opposes the sale and desires the Tote to stay independent.
The Tote has 517 High Street betting stores and the monopoly to run pool betting online and at 60 racecourses in the UK.
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Betfred is the Winning Bidder for the Tote
vern7495419645 edited this page 2025-10-19 21:33:22 +08:00