Tote Valued At £400m By Government

Tote, the state-owned horse racing betting business, is to be sold off by the
government at a market value in the region of £400m.

The government has invited a consortium of racing interests together with
management and staff of the Tote itself, to make a final bid for the betting
franchise.

The consortium consists of the Race Course Association, the Racehorse Owners
Association and the Racecourse Holdings Trust.

The consortium has been requested to submit its bid by January 26.

The decision follows the rejection of an earlier offer from a consortium of
racing interests which the Government considered was not at full market value.

The UK Government announced back in March 2000 its intention to sell the Tote
to a racing trust.