UK-based bookmaker Betfred has been chosen to buy the Tote after an auction process that began in November, according to reports
The Government has chosen British-based bookmaker Betfred to buy the Tote following a six-month auction process, according to reports.
Culture Secretary Jeremy Hunt is expected to declare Betfred the provisional winner of the race to acquire the horseracing business, the BBC said.
The deal is yet to be formally completed and a contract is yet to be signed, but technicalities are expected to be sorted out by the end of the day.
It is not known the exact fee Betfred is paying, but it is expected to be in the region of £200 million.
Half the money will go to the racing industry and racing charities, and the majority of the rest will go to the Government.
A shortlist of bidders was drawn up after the Government received 18 takeover proposals for the State-owned betting group.
The racing industry is understood to have preferred a rival bid from Sport Investments Partners (SIP), a consortium led by British Airways chairman Martin Broughton.
The Tote, which was set up by an Act of Parliament in 1928, has now been lined up for sale for 10 years.
The Coalition fired the starting gun on the latest attempt to offload it into private hands during June's Budget, with the auction process beginning in November.
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Source: http://www.guardian.co.uk/uk/2011/jun/03/betfred-wins-tote-auction-horseracing
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