Betfred wins Tote bid
Betfred is expected to be chosen as the new owner of the Tote following conclusion of a government instigated auction process – subject to technicalities.
It follows the apparently favourable reception given to their bid by Culture Secretary Jeremy Hunt who has reportedly plumped for the £200m offer over rivals, notably a consortium led by British Airways chairman Martin Broughton.
Half of the sum, just half the £400m price quoted in 2007, will go to the racing industry and charities with the remainder going to the government.
The deal would mark the end of a 14 year bid to privatise the service, assuming the bid doesn’t come a cropper from EU state aid rules.