The government has given Betfred permission to go public with details of its offer for the Tote.
It regards Betfred’s offer as the strongest proposal in the auction race. Ministers hope the move will soothe the fears of the racing industry which supports a rival offer from Sir Martin Broughton through Sports Investment Partners. Betfred said the racing industry’s plan to fund a racing industry deal by way of an accelerated initial public offering would be risky. It queried its rival’s ability to fund a bid. Broughton admitted secure financing was not yet in place for his proposal. Both have offered about £200m for the state-owned bookmaker.
18/05/11 Financial Times 20
Times 31, 34, 37
Daily Telegraph B4
Independent 38
Guardian 26
