Tote auction details outlined

The government has indicated that the state-owned bookmaker known as Tote will have their plans outlined for its sale by the end of April.

After pledging to sell the bookmaker to the racing industry since 2001 a government spokesman has revealed that plans are finally in place for an investment bank to be instated within the next two weeks to supply a shortlist of the most lucrative, prospective options by the end of April.

Remember when President Bush first declared the US was at war against terror?  Well this saga has lasted just as long and after various assurances to the horse racing industry and numerous unsuccessful sale attempts the government decided to host the Tote on an open auction earlier this month.

The options available to the government regarding Tote’s sale include; selling the business in its entirety, a structural piece-by-piece sale, or to continue holding onto it until the credit markets improve.

Because of various reasons including the credit crunch, the £400m valuation of the company by PricewaterhouseCoopers may have devalued by as much as a quarter of this original value say analysts.

Continually linked to its purchase is Gala Coral, despite having its own monetary problems however even horse racing industry players are keen to compile their own approaches and football pools firm Sportech are keen on its betting options. Hopefully this eight-year saga has reached a stepping stone that will not take another eight years to conclude.

Editor, - 2008-03-19 12:17:25

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