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11 Jan 2008
A Tees Valley racing executive has called for an ‘early, meaningful resolution’ to the sale of state-owned bookmaker Tote, after another offer has reached the table said to value the bookmaker at £320m.
The Department of Culture, Media and Sport is said to be seriously considering a bid by a racing industry consortium but PriceWaterhouseCoopers, which valued the Tote at £400m in 2006, has previously warned the government against selling for such a low price.
Andy Stewart, racehorse owner and head of stockbroker Cenkos Securities, is the latest to reportedly be making an offer, Evening Standard’s nebusiness.co.uk reports.
Neil Etherington, Redcar Racecourse chief executive, said the industry needed certainty. ‘Tote bookmakers are key racecourse partners in terms of the support they give to the racecourse and providing service and sponsorship,’ he said. ‘From racing’s perspective, it would be better to know the outcome for Tote than to be kept in limbo. An early, meaningful solution would be ideal.’
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