29-09-2007 Racing consortium offers £320m for Tote bookmaker

According to reports on the Telegraph and the Racing Post, the consortium, which comprises horse owners, racecourses and Tote management and staff, is believed to have reduced its offer for the state-owned bookmaker and pool betting operator by 20%, or £80m, to £320m, after financial backer Lloyds TSB expressed concerns over the current state of financial markets.

It remains to be seen whether the Department for Culture, Media and Sport will confirm its intention to sell the Tote to the racing industry or rather it will take into consideration the £405m offer made by Coral Eurobet earlier this year.