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Tabcorp Revises Qld Funding Offer

Wednesday, 19th July 2006

Tabcorp "is working on a new funding package for Queensland's racing industry, as the Victorian company courts support for its $2.1 billion takeover of Unitab," reported The Australian Financial Review. Tabcorp met representatives of Queensland's 3 racing codes on Monday evening "but its offer of a one-off payment of between $4-12 million was rejected". Tabcorp "will now rework its proposal to incorporate an on-going payment to the state's peak racing bodies, with the fee most likely linked to wagering turnover". Tabcorp is locked in a takeover battle with lotteries & gaming company Tattersall's for control of Queensland-based Unitab.

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