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Low Offer for Tote May Open Up Sale18 September 2006ENGLAND -- As reported by the (London) Independent: "A racing industry consortium has made a formal offer to buy the Tote, the state-owned bookmaker, for less than the £400m the Government was looking for. The move sparked speculation that the Government could open up the sale to other bidders. "The consortium has been working on the bid for several weeks and submitted a proposal late on Friday. The group consists of Arena Leisure, a listed company that owns several racecourses, Racecourse Holdings Trust, part of the Jockey Club, and the Racecourse Owners Association. Another racecourse owner, Northern Leisure, was originally part of the consortium but dropped out last month. "...The Tote, which gives a slice of its profits to horseracing, has been on the block on and off since the mid-90s. The Government's manifesto commitment to sell the Tote to a racing trust to safeguard future funding of the sport has not proved easy to carry out..." |