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The Tote is unique in that its government-appointed board ''is'' the Tote, although Privatisation of the organisation has been a Labour Manifesto commitment since 2001. Chancellor Gordon Brown announced privatisation in the 2006 Budget . HISTORY On 7 November 2006 , the Gala Coral Group tabled a bid for The Tote, valuing the entire business at £405 million. However, the bidders stated they would prefer to buy only the 540 high street betting shops for £325 million, leaving the remainder of the business (including on-course betting offices, internet and telebet businesses), which Gala Coral values at £80 million, in Government hands. This should allow the Racing Consortium to take over the pool betting business at a price it can afford whilst ensuring that the state received a fair return on The Tote's privatisation. Any bids from rival bookmakers Ladbrokes or William Hill would almost certainly be rejected on competition grounds (as each has in excess of 2,000 betting offices); and smaller rivals Betfred are unlikely to be in any position to outbid Gala Coral (the third largest operator of betting shops in the UK). If Gala Coral's bid was to succeed, the company would operate over 2,000 licensed betting offices, the Tote shops being rebranded as 'Coral'. The Government invited a racing consortium and tote staff to formally bid for The Tote by 26 January 2007 . This bid was successfully submitted and is currently under review by the DCMS . |
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