Government Postpones Tote Sale

Government plans to sell state-owned bookmaker the Tote have been postponed as the search to find a buyer has proved unsuccessful.

Claiming the recent market problems as the latest setback in a string of failed attempts to sell, the government confirmed the Tote would be held in public ownership until conditions improved.

Since 2007, when the government had said it was preparing to auction off the business, attempts to sell to the racing industry – an alliance of racecourse operators and racehorse owners – have been unsuccessful. Investment bank Goldman Sachs was then hired to examine options for the business.

Previous bids had valued the business at about £400m but recent reports suggested Goldman Sachs valued it between £260m and £290m.

The government now faces a dilemma, as it promised to sell the Tote, with its 529 betting shops and pools, after the election in 2001.