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Tas Govt Confirms Tote "Will Not Be Sold"

Monday, 7th December 2009

Tasmanian Minister For Racing Michael Aird confirmed TOTE Tasmania will not be sold. Aird noted: “The Government has undertaken an exhaustive sale process for TOTE Tasmania & has received strong interest in the business. However the Government did not receive any final binding offers that were acceptable. I have therefore determined that the sale process for TOTE Tasmania should be concluded. The Government does not intend to offer the business for sale again. As I have always maintained, the divestment of TOTE was not a fire sale, nor was it a response to the global recession. While there continues to be strong interest in the business, current market conditions have prevented the presentation of offers that satisfy the Government or the community’s interests. I have said many times the sale of TOTE would only proceed if it provides the best return for the Tasmanian community. Earlier this year there was a unique window of opportunity to divest the business. Unfortunately, that window has since closed.”

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