Bodog circles government sale of theTote
A POTENTIAL buyer has emerged for the Tote, just weeks after the government put the bookmaker on the block as part of plans to sell off £16bn worth of state assets to reduce the burgeoning pile of public debt.
Bodog Europe – a franchise of US betting giant Bodog – is understood to be mulling a bid for the bookie in order to expand its UK horseracing operations.
The firm’s managing director Keith McDonnell, who was previously managing director of the Tote’s online betting arm, is thought to have originally considered starting an online partnership with the Tote.
But speculation about the possibility of buying the group for a considerably slimmed-down price means he is now ready to make a full offer.
Three years ago, Gala Coral, the UK’s third biggest bookmaker, told the government it was willing to stump up £405m for the Tote.
McDonnell yesterday refused to comment on his plans, saying: “Any internal conversation about a deal remains confidential.”
The Shareholder Executive, the government department responsible for selling off the assets, was last night unable to comment.