BusinessCompany NewsAnother offer on table for Tote at £320m

Another offer on table for Tote at £320m

Another racing industry consortium is the latest to throw its hat in the ring for Tote

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.’

Further reading:

Totesport moves to tax haven

PwC warns govt at Tote sale

Read
story in nebusiness.com

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