Broughton bid of £230m puts him in the lead

SIR Martin Broughton, the deputy chairman of airline IAG, yesterday pulled further ahead in the race to buy the Tote, after it emerged his bid values the state-owned betting pool at £230m.

The development puts further distance between his offer and the £200m- valued bid being wagered by high street bookmaker Betfred.

Sir Martin’s Sports Investment Partners would include a cash component of £90m for the government and a £90m contribution to the horseracing industry, a leaked memo circulated among investors in March shows.

Betfred had earlier scrambled to show its bid would be worth £45m more to the racing industry than Sir Martin’s offer.

The bookmaker, led by Fred Done, said its £11m commitment to the racing industry in the first year and £9m each year for the remainder of the seven-year contract to run the betting pool would trump Sir Martin’s offer.

An announcement from the government on the sale of the Tote is expected as early as today.

ADVISERS: GLOBAL LEISURE PARTNERS

MERVYN METCALF

GLOBAL LEISURE PARTNERS

MERVYN METCALF is advising Betfred on its bid for the Tote, the state-backed betting pool.

As managing director for Global Leisure Partners (GLP), he has significant experience in advising corporate clients in the retail, media, travel and online sectors.

Prior to joining GLP, Metcalf spent almost 11 years at Merrill Lynch, where latterly he was a managing director in the group's UK investment banking team. Before that, Metcalf worked at Barclays de Zoete Wedd.

David Clasen, founder of boutique advisory firm Clasen & Co is also advising Betfred.

Nick Wells, head of corporate finance at City broker Cenkos is advising Sir Martin Broughton on his approach.