Tote action call

Jan 10 2008 By Sarah Judd, Evening Gazette

A TEES Valley racing executive has called for an “early, meaningful resolution” to the sale of state-owned bookmaker Tote.

Successive governments have toyed with privatising the bookie, but the Department of Culture, Media and Sport is now seriously considering a bid - believed to value Tote at £320m - by a racing industry consortium.

Tote, which ploughs significant sponsorship into UK racecourses, was valued at £400m in 2006 by PriceWaterhouseCoopers, prompting interest from a number of potential purchasers. Racehorse owner and head of stockbroker Cenkos Securities Andy Stewart is also understood to be thinking of entering the running.

Neil Etherington, chief executive of Redcar Racecourse, said the industry needed certainty:

“Tote bookmakers are key racecourse partners in terms of the support they give to the racecourse and providing service and sponsorship.

“It would be best for racing if that was kept in the family, but there are also commercial imperatives.

“From racing’s perspective, it would be better to know the outcome for Tote than to be kept in limbo. An early, meaningful solution would be ideal.”

The flat race season is due to get under way at Redcar on March 24.

The Government made a manifesto commitment to sell the Tote in 2001 to a Racing Trust and the consortium with Tote staff made an offer in January last year.

Meanwhile, all bets are off over who will be the first to break the impasse over moving the sport from Redcar town centre to a proposed supercourse at Dunsdale. Redcar Action Group (RAG) has called on racecourse owner Lord Zetland to abandon the plan. The race course said it was determined to press ahead.