UNITED KINGDOM – If market conditions remain favorable in the coming autumn months, the UK Government might just finally come to terms with a buyer for The Tote.
The Tote is the only organization in the country licensed to run pool betting on horseracing events.
As reported by UK newspaper, The Guardian, the Minister for Sport and Tourism Gerry Sutcliffe has submitted to Parliament a written statement saying that a sale of The Tote should be realised only if likely proceeds were favorable. Otherwise, no sale will be done if the proceeds were esteemed too low.
Investment bank Goldman Sachs, advising on the sale for the UK Government has valued The Tote, under prevailing market conditions, at around $520 to $580 million.
However, one group is disgruntled with this latest announcement of the Tote Sale.
The Racehorse Owners Association (ROA) is seeking serious legal advice on this development as they had previously made two bids for The Tote at better prices.
ROA earlier made offers of $800 million and $640 million but both offers were not received with enthusiasm by the UK Government.
According to ROA President Paul Dixon:
“If they sell for less than we offered, serious questions will be asked. We won’t let the Government get away with murder, don’t worry about that.”
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