The European Commission launched an investigation into the proposed sale of the Tote
As reported by Bookmakers Review in April, the European Commission launched a formal inquiry to examine the UK government's plans to sell the Tote to a consortium representing the various parts of the British horse racing industry.
The commission believes the sale might involve "substantial state aid" and not reflect the true market value.
"I am not convinced that the way in which this is carried out, by selling the Tote to the racing consortium well below market value, is necessary or proportionate to achieving this objective. Such a measure could distort competition in the betting market," said the competition commissioner, Neelie Kroes.
"We accept that this is a unique, and not uncomplicated issue, and we will lend the commission every assistance possible to enable them to come to what we hope will be a swift and positive conclusion," commented the chairman of the Shadow Racing Trust, Lord Lipsey.
Bookmakers Reviews - 2005-06-02 11:03:13