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UK Racing To Receive Half Profits From Tote Sale
Also in the UK, the coalition government "pledged for the 1st time to donate half of the net proceeds of the Tote sale to racing, a figure that would equate to around £50 million (A$76.5m) if the Tote is sold for £200m (A$306m)" reported racingpost.com. While that pledge "was a welcome revelation for the industry, the identity of the potential new owner did not become any clearer, when the government failed to disclose the parties who have made it through to the 2nd stage of the sale process". British Horseracing Association chairman Paul Roy "expressed his relief that the government had reaffirmed the pledge of the previous administration to divert half of the net proceeds of any sale to racing, a promise that had not been reiterated until the statement from John Penrose, Minister for Tourism & Heritage".