28-03-2006 Betfair to help the UK racing industry to buy the Tote

In the wake of last week’s news that the European Commission would stand aside if the Tote were to be sold at the estimated market value of £500m, instead of the proposed price of £200m, Betfair said to be considering assisting the racing industry in order that it can continue to own a significant part of the pool betting company.

"We have had discussions internally about a structure that would help the racing industry. Racing had hoped to purchase the Tote 100 per cent, but they have been told they can’t;" said Mark Davies, Betfair’s Communications Director.

"Therefore, there is a risk of the racing industry getting none of the Tote and we are seeing if we can go into a partnership in which the industry can own a significant part of it," he added.