New basis for the sale of the Horserace Totalisator Board ("Tote") announced
159/06
The Government announced today that it has invited a consortium of racing interests – the Race Course Association, the Racehorse Owners Association and the Racecourse Holdings Trust – together with management and staff of the Tote itself, to make a final bid for the Tote at full market value. The consortium has been requested to submit its bid on this basis by 26 January 2007.
The decision to proceed on this basis follows the rejection of an earlier offer from a consortium of racing interests which the Government considered was not at full market value. Subsequently the consortium asked for a short further period of exclusive negotiation to reach that value, and the Government also received a proposal from management of the Tote on behalf of themselves and staff.
The new proposal meets the Government’s commitment to ensure racing benefits from the sale whilst also safeguarding the interests of the taxpayer.
Notes to Editors
1. The Horserace Totalisator Board (Tote) is a non-departmental public body founded to enable racegoers to bet by means of a totalisator (pool betting) and to raise money for horseracing. It is a statutory authority, which was first established, as the Racecourse Betting Control Board, by the Racecourse Betting Act 1928 and given its present official name in 1961, but has always been known as the Tote. A corporate body, it runs in accordance with the provisions of the Betting, Gaming and Lotteries Act 1963 (as amended).
2. On 2 March 2000 the Government announced its intention to sell the Tote to a Racing Trust. This was later enabled by the Horserace Betting and Olympic Lottery Act 2004.
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