17th of May 2011 Author: Johnny Karp
Big plans for strong commitment
A major UK Bookmaker Betfred this week revealed plans for its bid for the tote, which involve a GBP 11 million return to horseracing in 2012, as well as a minimum of GBP 9 million in each of the subsequent six years if racing meets a number of commercial agreements.
The bid is assessed to be worth some GBP 200 million, and considering that it entails year-on-year payments and Government's commitment to return 50 percent of the net proceeds of the sale to Racing, it represents quite a catch for the British horseracing industry. In addition, it was specified that if the bid turns out to be successful, the firm will place the contribution to Racing more formally, certainly and transparently than now, and it will also engage in commercial arrangements with racecourses and others.
According to Fred Done, Executive Chairman of Betfred, "The UK has the greatest horseracing in the world and we want the sport to thrive - that's why our bid contains a strong commitment to the horseracing industry. We're also delighted that the Government has chosen to return 50% of the net proceeds of the sale to Racing, so I believe a successful Betfred bid will see a financial return of at least GBP120 million.
"We have a forty year track record of delivering growth and creating jobs. We want to buy the Tote because we want to grow and develop all of its component parts; and, in the long term, I believe the pool business will be the most important of those. We have designed our offer to meet all the criteria Government has laid out. Our offer is fully financed and we have everything needed to conclude a transaction now."
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