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Why doesn’t racing buy the tote? with a probably 25% kick back (50% of net profit) this has to be a bargain for all concerned. The probable 50 million kick back drip fed over a few years is probably no better than the profit that an outright purchase and management of the company will bring in over a similar period. Kill two birds with one stone. Its a no brainer really.
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Price is obviouslty too high or it would have been snatched up. I read a while back an offer was made from a racing consortium for around £300m but they couldn’t accept it due to some European rule.
With friends like Andy Stewart, who needs enemies.
You’re not kidding, Cav. Thank the Lord the Powers worked out his unbelievable plan.
And isn’t he good mukkas with Paul Roy? Aren’t they part of that English Canary Wharf clique who own Fleeting Spirit and other Noseda horses?
A massive disappointment right enough. I had him down as a knight in shining armour there for a while. They don’t miss a trick these city boys, do they. Nothing gets in the way of a fast buck with them.
Nothing.
Don’t be surprised by anything involving Paul Roy, he’s STILL in the incredible position of trying to extract the maximum revenue from betfair while being a major stakeholder in a company that will surely profit if he fails to do so.
The problem that I have with racing owning/running the Tote is that they are massively unequipped to do so, something they probably recognise themselves.
The problem that I have with racing owning/running the Tote is that they are massively unequipped to do so, something they probably recognise themselves.
Then they need to get equipped! Are Martin Broughton or the Reuben brothers any better equipped? We know who the main beneficiary’s will be if the bookmakers or private equity firms get their hands on it. Andy Stewart gave us a flavour of that earlier in the week with his plan to pass it around from venture capitalist to venture capitalist, like a joint at a student party. Each one inhaling the assets before passing it on. Short term profit for a few, pass the parcel, long term investment in a competitive, viable betting product, nowhere.
It happened with Eircom in Banana land.
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