Betfair may help racing buy Tote |
March 30, 2006 - Betfair this week mooted the possibility of entering into a ground-breaking partnership to keep the Tote within racing, in the wake of last weeks news that a cut-price sale to an industry group would contravene state aid rules.
The European Commission is said to have rejected the governments argument that a subsidised sale would not amount to state aid.
The decision in effect means that the racing industry would have to pay the full market price for the Tote estimated at £500 million instead of a sum of about £200 million proposed as part of Labours manifesto at the last two general elections.
Should racing lose control of the Tote to a major fixed-odds bookmaker or venture capitalist firm, it would result in the loss of the Totes contribution to the industry, which last year amounted to £11.6 million. |
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Source: Ateonline.co.uk |
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