Update: Tote Sale to Bring Profit to British Racing

Millions of pounds in game The latest news from the UK horse racing industry report that the sale of the Tote will bring an estimated amount of GBP100 million in net profit and that the British horseracing industry will boost its bankroll with some GBP50 million. Reportedly, the money will come from the government's decision to allocate a half of the profits to the industry. Such allegations have been confirmed in a recent official statement: “…in the event that the Tote is sold on the open market, it [the government] will honour the commitment of the previous government to share 50 percent of the net cash proceeds of sale with racing." This information has been quite welcomed by the British Horseracing Authority, and its Chairman Paul Roy on that occasion stated: “Racing welcomes the Government's latest steps in resolving the future of the Tote, and particularly that Racing interests are central to a successful outcome. We look forward to continuing to work closely with Government to get the best outcome for the sport.” The government' s agents are supposed to release the short-list of acceptable bidders soon, and some of them reportedly include the Reuben Brothers, Betfred, at least one private equity group and Gala Coral.