UK racing shaken by Tote verdict
THE UK’s racing community was left bruised yesterday after the government rejected its choice to run the Tote betting group and chose bookmaker Betfred instead.
The highly-anticipated decision saw the rival bidder, Sir Martin Broughton’s investment vehicle Sports Investment Partners, lose out on the prize in a tightly-fought race.
But it goes against the wishes of UK racing, which last month publicly backed Sir Martin over Betfred on concerns that a bookmaker may not respect the Tote’s stakeholder partnership principles.
Gambling and racing minister John Penrose said it had “bent over backwards to deliver a good deal for racing”.
Betfred founder Fred Done said he was “thrilled and excited” at the deal, which will see Betfred pay £265m for the Tote including £90m to the Treasury and £90m to racing.
“Buying the Tote has been an ambition for years, so I am absolutely delighted,” he said.
British Horseracing Authority chairman Paul Roy said the industry would work with the winner despite the snub.
“Naturally today’s announcement was not our preferred outcome, but we will now work with Betfred and the government to ensure their commitments are delivered upon,” he said.