A new sports investment group formed by Sir Martin Broughton, the former British Airways and Liverpool Football Club chairman, has made it through to the final round of bidding to take over the Tote, the government’s bookmaker.
Broughton’s son Michael, of Sports Investment Partners said yesterday: “Sports Investment Partners is very pleased to have been selected to go through to the next round. We believe our bid is closely aligned with Racing’s interests.”
Also through to the final six is BetFred, the Warrington-based bookmaker, and Gala Coral.
Definitely not in the running, despite rumours of a late bid, is William Hill, the giant bookmaking group.
Sources close to the bidders say the Tote is likely to attract a sale price of around £200m, well below the asking price of the previous government which ended up being unable to complete a sale.
Also thought to be in the final round is Andy Stewart, formerly the head of Cenkos, who has proposed a stock market option for the Tote. A decision is expected by mid to late April.