Betfred makes Tote case

BOOKMAKER Betfred yesterday insisted that it could come from behind to pip the racing industry preferred bid for the Tote, the state-owned betting company.

A consortium led by Sir Martin Broughton, the former chairman of Liverpool Football Club, and the British Horseracing Board are closing in on a deal to buy the turf accountant in a deal worth about £200m.

But Betfred yesterday made public the details of its rival bid, and said it was gradually winning support for its offer.

“I can’t say that the whole of racing is going to accept our offer. But we have got a lot of support in racing, a lot of the racecourses are backing our offer,” Betfred financial director Barry Nightingale told City A.M.

Betfred’s offer would involve payment upfront for the Tote, whilst the bid by Sir Martin’s Sports Investment Partners would involve an IPO.