Betfred wins race for the Tote

06/06/2011

Betfred has won the race for the Tote, beating rival Sports Investment Partners (SIP) with a £265m bid.

The Department of Culture, Media and Sport (DCMS) announced the deal on Friday morning, and comes less than a year after the Chancellor announced the Government’s intention to resolve the future of the Tote.

The taxpayer will receive £90m from its 50pc share of the net proceeds of the sale. Job losses will also be capped at 150, with all jobs at Tote betting shops and racecourses safe, said chief financial officer Barry Nightingale on Friday.

Gambling and Racing Minister John Penrose, said: “Throughout this process we’ve bent over backwards to deliver a good deal for racing, and for the dedicated Tote staff around the country, so we are pleased that today’s agreement will see racing receive not only their 50 per cent share of net proceeds but also the separate commitment from Betfred to racing of a significant ongoing stream of commercial payments, plus a contractually guaranteed cap on the number of job losses.”

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