Betfred purchase Tote for £265m

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Updated: June 3, 2011

The British Department of Culture, Media and Sport has announced that Manchester based BetFred have won the rights to buy the Tote.

Betfred, the fourth largest bookmaker in the UK, are understood to have offered £265m for the state backed operation. Today’s news has been welcomed by Tote employees whose job security has been confirmed after great uncertainty. The British taxpayer is also set to receive £90m from its 50pc share of net proceeds to the deal.

“Throughout this process we’ve bent over backwards to deliver a good deal for racing, and for the dedicated Tote staff around the country,” said Gambling and Racing Minister John Penrose.

“So we are pleased that today’s agreement will see racing receive not only their 50 per cent share of net proceeds but also the separate commitment from Betfred to racing of a significant ongoing stream of commercial payments, plus a contractually guaranteed cap on the number of job losses.”

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