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UK Tote May be Sold in Autumn - 07-24-08 |
 July 24 - The UK government is continuing in its efforts to move in the
direction of an open market sale for its state-owned Tote, as the Minister of
Sport, Gerry Sutcliffe told Parliament this week that this could happen as soon
as autumn, 2008.
Interest is great for the UK Tote, which is a major presence in the
country's horse racing industry, operating 450 outlets and employing over 4000
people, especially by betting companies hoping to get hold a massive part of the
market. Companies such as Betfred, Paddy Power and Sportech, as well as Gala
Coral and Ladbrokes are all seen as serious contenders who will make an offer if
the UK Tote reaches an open market sale in autumn.
Gerry Sutcliffe has always maintained that a possible sale would need to
realistically realize the financial value of the UK Tote. Earlier this
year, the government turned down a potential sale to a racing industry
consortium, saying that the bid had not met the Tote's assessed market value of
around 400-million GBP.
Issuing a written statement to Parliament, Sutcliffe said: "The government
remains of the view that it is appropriate that it removes itself from detailed
involvement in the affairs of the racing and bookmaking industries. We also want
to give certainty to the Tote and its businesses so that they can develop and
flourish for the benefit of their staff and racing."
"The government intends to commission detailed work on the Tote," continued
Sutcliffe, "to be undertaken during the course of the summer, which would
provide the necessary groundwork to launch a sale in the autumn. This work will
also provide further data on the company which would enable the government and
the Tote Board to consider how best to create further value inside the Tote if,
in the light of market conditions, the government decided in the autumn not to
proceed to a sale at that time."
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