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Betfred detail Tote bid

18/5/2011
Betfred have outlined their plans to buy the Tote as the drawn-out bidding process nears a conclusion.

The bookmakers revealed they have offered nearly £200 million to take control of their government-owned rivals, while also promising to put £65 million pounds into horseracing over the next seven years.

The move to publicise the details of the offer comes in response to the British Horseracing Authority, Racecourse Association and the Horsemen's Group’s backing of a rival bid by Sir Martin Broughton’s Sports Investment Partners, a consortium which includes two former Ladbrokes executives.

“I can’t say that the whole of racing is going to accept our offer but we have got a lot of support in racing, a lot of the racecourses are backing our offer,” said Betfred financial director Barry Nightingale.

As well as its own website, the Tote also has around 500 retail outlets, with punters able to have a bet with the Tote in a total of about 4,500 shops.
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