This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-13637048
The article has changed 5 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Betfred is the winning bidder for the Tote | Betfred is the winning bidder for the Tote |
| (about 1 hour later) | |
| UK-based bookmaker Betfred has been chosen to buy the Tote after an auction process that began in November. | UK-based bookmaker Betfred has been chosen to buy the Tote after an auction process that began in November. |
| BBC business editor Robert Peston says Culture Secretary Jeremy Hunt has chosen to sell to Betfred. | BBC business editor Robert Peston says Culture Secretary Jeremy Hunt has chosen to sell to Betfred. |
| The deal has not yet been completed though, and technicalities are being sorted out overnight. | The deal has not yet been completed though, and technicalities are being sorted out overnight. |
| The fee has not been disclosed, but half of it will go to the racing industry and racing charities, and most of the rest will go to the government. | The fee has not been disclosed, but half of it will go to the racing industry and racing charities, and most of the rest will go to the government. |
| The racing industry may be disappointed, because it was understood to have preferred the rival bid from SIP, a consortium led by British Airways chairman Martin Broughton. | The racing industry may be disappointed, because it was understood to have preferred the rival bid from SIP, a consortium led by British Airways chairman Martin Broughton. |
| Successive governments have been trying to privatise the Tote for about 14 years, but have never come this close to doing so. | Successive governments have been trying to privatise the Tote for about 14 years, but have never come this close to doing so. |
| The government is hoping that the deal will not fall foul of EU state aid rules or be overturned by a judicial review. | The government is hoping that the deal will not fall foul of EU state aid rules or be overturned by a judicial review. |
| Jockey opposition | |
| The Tote was set up 83 years ago to provide racecourse punters with alternatives to illegal bookmakers and ensure money went back into the sport. | |
| The Tote is based in Wigan, with more than 4,000 staff, and currently injects half its profits into racing. | |
| Last year, Chancellor George Osborne promised to secure value for taxpayers while recognising the support the Tote gave to the industry. | |
| The Tote gave almost £19m to horse racing in 2010. | |
| Efforts over the past three years to sell off the Tote hit problems, and the government faces getting a lower price than the £400m mooted in 2007. | |
| The Jockey Club opposes the sale and wants the Tote to remain independent. | |
| The Tote has 517 High Street betting shops and the monopoly to run pool betting online and at 60 racecourses in the UK. |