The UK government has given the horse racing industry until the end of August to submit a bid for the betting chain. If the racing industry does not either succeed in placing a high enough bid or cannot organise itself to act together for a bid then the government might open up the sale process for an auction.

UK media reports over the weekend suggest that a consortium of Racecourse Holdings Trust (an arm of the Jockey Club), Arena Leisure and Northern Racing, which own half of the 59 courses in the country, want to buy the business.

Another option possible is a management buyout in conjunction with the extensive private equity presently available in the financial markets who will be attracted to the growing sport wagering market and internet opportunities.

The going price for The Tote is believed to be between £400 million and £550 million for the 400 chain of high street shops and oncourse facilities.

Posted: 08|22|06 at 8:42 am. Filed under: UK News.