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This may be of interest to some who haven’t seen it.
The Government has been forced to break a manifesto pledge to sell the Tote after admitting that current market conditions made it impossible to secure a good price for the bookmaker.
More than a decade since a sale of the Tote was first mooted by the Government, Gerry Sutcliffe, the Sports Minister, told Parliament today that he had concluded that pursuing a sale was “not appropriate”, given current market conditions.
In a statement, he said: “I have therefore decided that the Tote should be retained in public ownership for the medium term, and brought to the market when conditions are likely to deliver value for the taxpayer and racing.”
The minister’s decision is understood to have been reached after a report by Goldman Sachs concluded that the business was likely to fetch no more than £200 million to £300 million in an auction, against a target of £400 million. Analysts said that a price at the bottom of the range would have been the likeliest outcome.
In March, the Government, which pledged to sell the Tote in its 2001 manifesto, was forced to end protracted negotiations over a £320 million sale of the Tote to a racing industry consortium after doubts about the consortium’s ability to fund a deal.
The Government’s attempts to offload the Tote to the benefit of racing were fraught with problems. An early attempt to do a sweetheart deal with racing was blocked by the European Commission on the grounds that the knockdown price being mooted was tantamount to state aid.
After the ruling, the Government asked PricewaterhouseCoopers to value the business and negotiations over an estimated £400 million deal were started with the industry.
Several attempts later, including one involving funding from Lloyds TSB’s private equity arm, the racing industry came back in September last year with a £320 million offer.
The consortium, which included Tote management, was led by the Racecourse Association and the Racehorse Owners Association. However, its ability to raise the funding necessary to satisfy the Government’s price expectations were affected by the credit crunch.
The Government had hoped to secure a higher price in an open auction, and Gala Coral had been installed as the early favourite to secure a deal. But the continuing deterioration of financial markts has once again scuppered its chances of getting a good price.
The Tote, formally known as the Horserace Totalisator Board, runs 540 high street betting shops and 59 kiosks on race courses and has an exclusive licence to run pool betting in the UK.
Last year, it reported a 13.6 per cent rise in operating profits to £29 million and handed £20 million back to the racing industry. Group turnover rose by 12.1 per cent to £2.48 billion, and the internet division increased gross profits by 45 per cent. The group has more than 4,000 employeesI also don’t think this doom and gloom is confined to racing, I can see a number of football clubs going to the wall as well
Heard an interview with Graham Turner (manager and Chairman of Hereford UTD) this morning regarding the effects of the credit crunch. He stated that they had already noticed a downturn in attendances in which they were a little bit disapointed, but not surprised as the credit crunch tightens. He reconed that it would lead to a shortfall in their budget this year, but hopefully that the club should be ok.
He opined that many (particularly small/local) clubs will soon have to look at the pricing structure of tickets and wages to players.On a racing front, I hope that Worc’s does escape intact as I love the place. However, to be honest, not that I would notice any difference between a closure and the last two years at the track anyhow…..
Maxilon, funny you should mention the Daily Mail. The Thatcher supporters on here seem to know little of our history between the wars. At one time, before WWII, Hitler was so popular among the monied people of this country that Hailsham (then “Hogg”) canvassed as the Tory candidate for Oxford using the slogan, “A vote for Hogg is vote for Hitler”! AND HE WON THE SEAT
Having re-read you post, I shall respond to this.
It is true to state, at one time, Hilter was veiwed in some quaters in Britain favourably. Howver, this by-election was not until 1938, by which time any support that Hitler had in Britain was diwindling very fast indeed!Grimes, to say your message above is one sided is an understatement!
“A vote for Hogg is vote for Hitler”! AND HE WON THE SEAT.
This by-election was a single issue by-election, and hogg was basically put in place to supprt to ‘official’ goverment appeasment policy, in order to keep Britain out of a war. It is unfair to quote just the above, which implies he ws a Nazi supporter.Had Hitler been British, who can reasonably doubt that The Mail would have enthused at the prospect of a state funeral for Hitler just as enthusiastically, when he finally ponked it. Or Mussolini. Now thats more than just a lttle bit silly. I’m sure you are aware of Mussolini death.
Finally, it is well noted that Churcill was fanatically anti-communist, and would initially view favourably anything which was also anti-communist.
I agree with the majority of what you are saying and its a good job he was given a second chance
True, but pretty much only by default, because the first choice baically didnt want the job. Churchill at the time was considered to be a dangerous, adventurous, war mongering sod, something which is almost certainly true.
Then there was Dresden, Hiroshima, Nagasaki………..[/size:3gdoxb1e]
Is dropping a bomb a war crime?
Gone on then, I;ll have a go at this, just to prove I/m as boring as I’d always suspected!
When a child, what did you want to be when you grew up?
Snooker PlayerWhat’s the best piece of advice you’ve ever been given?
Nothing more comfortable than a rut.Who would play you in a film of your life?
Danny De VitoWhat’s your favourite journey?
House to airport for summer holidayDo you think there is too much racing in Britain?
YesShould the whip be banned?
NoIf there was one thing you could change about your life, what would it be?
Nothing.What’s your favourite/least favourite racecourse?
Fav: Worc’s Least: SandpitsWhat’s your favourite sport outside racing?
SnookerWhat was the last film you saw?
Coundnt say on this forum!What was the last book you read?
Achtung. Panzer!Give us a horse to look out for.
If only!What was the best day of your racing life?
Paddy power 06. large grou of friends out together for the day.Who’s your favourite horse ever?
IstabraqWhat would be your specialist subject on Mastermind?
German Offensives of WW2Dogs or cats?
BothWhat’s the best way to spend an evening in the event of a power cut?
SexFavourite holiday destination – in Britain and abroad
St Ives / CreteBest/worst subjects at school
History/musicYou’re invited to a fancy dress party – what will you go as?
Dont KnowWhat would you choose as your last meal?
Steak Kidney Pie and hipsWhat is the strangest/ funniest thing you have ever seen on a racecourse?
Didnt actually see it but Tommos ‘fog commentry’ on yotube is pretty goodThere you go!
Why can’t Clive Smith send a nice horse to ______ Jonjo etc
Possibly because he’s pants perhaps?
Paul Gascoigne has been sectioned under the mental health act and send sent to an institution for sad retards with no chance of recovery. "We’re deighted to have him back" said Keegan.
Sorry!
I guess that one explanation would be that when a spell check is completed, the computer will often offer the American spelling. Maybe people just press amend and carry on?
Keith
Good spot Danny
too many threads on Betfair I’ve read (thats my excuse and I’m sticking to it!)Will alter to 8, although its still a very good list.
I have compiled a top 8 list of most delusional fans in Britian.
1) Manchester City
2) West Ham
3) Birmingham City
4) Newcastle
5) Any England supporter
6) Wolverhampton Wanderers
7) Evertonians
8 SunderlandA very pleasing list.
The next most “up themselves ” club must surely be West Ham
Add manchester City to your list ClivePersonally, I’m inclined to think that, like the Haredy Lad, he’d be far too courageous for Harchibald in a fast-run race, while being speedy enough for him, too, in the circumstances
I’d personally take the opposite opinion on that one. The faster run the race, the more likely Harchibald is of coming out on top. I think he wants an overly strong pace.
Coundnt say on this forum!