betfred-is-the-winning-bidder-for-the-tote

bet9ja.com
Betfred is the winning bidder for the Tote
bit.ly
3 June 2011

UK-based bookmaker Betfred has been picked to purchase the Tote after an auction procedure that started in November.

BBC organization editor Robert Peston said Culture Secretary Jeremy Hunt had chosen Betfred although the bet9ja's welcome offer had not been finished, with some technicalities still being sorted out.

The rate is not yet understood however 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 yohaig code racing industry might be dissatisfied, since it was understood to have actually chosen the competing bid from SIP, a consortium led by British Airways chairman Martin Broughton.

Successive governments have actually been trying to privatise the Tote for about 14 years, however have actually never come this promotion code near to doing so.
bit.ly
The government is hoping that the deal will not fall nasty of EU state aid rules or be overturned by a judicial evaluation.

Jockey opposition

The Tote was established 83 years ago to supply a safe sanctuary for punters, controlled by the state, and beyond the reach of illegal bookmakers.
bit.ly
It delights in a monopoly of horse race pool-betting in exchange for a that money was pumped back into the sport.

The Tote is based in Wigan, with more than 4,000 personnel, and presently injects half its revenues into racing.

Last year, Chancellor George Osborne promised to secure value for taxpayers while recognising the support the Tote offered to the industry.
bet9ja.com
The Tote offered practically ₤ 19m to horse racing in 2010.

Efforts over the previous 3 years to bet9ja's welcome offer off the Tote hit issues, and the government faces getting a lower price than the ₤ 400m mooted in 2007.
bet9ja.com
the yohaig code Jockey Club opposes the sale and wants the Tote to stay independent.

The Tote has 517 High Street wagering stores and the yohaig code monopoly to run pool wagering online and at 60 racecourses in the UK.
bet9ja.com