The UK Government has rejected a £300m bid for the state-owned bookmaker from a consortium consisting of Arena Leisure, the Racecourse Holdings Trust and the Racehorse Owners Association.
“Unfortunately we have not been able to reach an agreement with the racing consortium for a sale of the Tote at market value and have written to its members today to confirm this,” the Department for Culture, Media and Sport said in a statement.
Earlier this week, former Conservative Minister Lord Hesketh called for a rethink over the planned sale of the Tote, arguing that the racing industry would benefit more if the bookmaker\’s 540 betting shops were sold at full market value in a trade sale, with a part of the proceeds going to racing.
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