Tote Sale On Hold

A silver lining has emerged from the current economic crisis in the shape of a Government announcement that the sale of the Tote has been put on hold.

The Government had hoped to raise £400m from the sale but independent analysis has revealed a more likely price of between £200m & £300m, with the expectation being the price would be at the lower end.

In a Commons written statement, Sports Minister Gerry Sutcliffe announced the embarrassing climb down, saying  "In my ministerial written statement on July 21 I said that, whilst the government remained of the view that it should remove itself from detailed involvement in the affairs of the racing and bookmaking industries, the government would need to be satisfied that it was right to proceed with a sale in the light of prevailing market conditions.

"After further work over the summer, I have now concluded that it is not appropriate to pursue a sale in these market conditions.

"I have therefore decided that the Tote should be retained in public ownership for the medium-term, and brought to the market when conditions are likely to deliver value for the tax payer and racing.
"Finally, the government would like to place on record again its warm appreciation of the loyalty and dedication of the Tote's staff whilst its future has been under consideration."

A proposed £320m bid from the racing industry was rejected by the Government earlier in the year over funding fears.