[Press Release - Manchester Evening News] Betfred’s hopes of buying the he state-controlled bookmaker Tote, have received a boost after one of its rivals dropped out of the race.
Gala Coral, the owner of the Gala Bingo, and considered one of the largest bookmakers in England, did not submit a formal bid for the Tote amid concerns about current trading and pension liabilities.
There are now four remaining runners – Warrington-based Betfred, a management buyout team, property magnates the Reuben brothers and a consortium led by British Airways chairman Sir Martin Broughton.
Industry experts have put a price tag of £200m to £250m on the Tote, which has more than 500 betting shops and the monopoly to run pool betting online and at 60 UK racecourses.
Financial adviser Lazard is handling the bidding process on behalf of the government.
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