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UK Govt Shelves Tote Sale Amid Economic Crisis

Thursday, 23rd October 2008

Also in Britain overnight, "turbulent conditions in the financial markets have seen the UK government abandon its current plans to sell the Tote," reported the-racehorse.com. Ironically, the government last year turned down an offer from the racing industry "in its wisdom deciding the offer did not meet the business's market value". Minister For Sport Gerry Sutcliffe told Parliament that "while the Government remained of the view that it should remove itself from detailed involvement in the affairs of the racing & bookmaking industries, the Government would need to be satisfied that it was right to proceed with a sale in the light of prevailing market conditions. . . . . I have now concluded that it is not appropriate to pursue a sale in these market conditions. I have therefore decided the Tote should be retained in public ownership for the medium-term & brought to the market when conditions are likely to deliver value for the tax payer & racing."

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