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Betfred to boost brand with Tote deal?

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By The Drum Team, Editorial

May 17, 2011 | 2 min read

Betfred has today gone public with the details of its bid to buy state-owned bookmaker the Tote as the government nears a decision on its sale.

Warrington bookie Betfred is competing to buy the Tote against a rival consortium fronted by Martin Broughton, the British Airways chairman. The outcome is due imminently.

After being freed from non-disclosure agreements, Betfred has now set out the terms of its offer and claimed that it secures value for the taxpayer.

Betfred's proposal puts an 'enterprise value' on the Tote of close to £200m. The company claims its offer will be worth "over £120m" to the racing industry over the next seven years.

In a statement the firm said: "Betfred’s proposal ensures the Government has a complete exit from the Tote; secures value for the taxpayer; delivers support to the racing industry; and provides enhanced opportunities and security for the Tote’s employees and other stakeholders."

Betfred's executive chairman, Fred Done, said his company was "best placed to unlock the value of the Tote".

"We want to buy the Tote because we want to grow and develop all of its component parts," Done said. "And, in the long term, I believe the pool business will be the most important of those."

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