British bookmakers have warned the government that they will challenge any decision to sell the state-owned bookmaker, The Tote, for a heavily discounted price in the European courts.
According to a report in the Daily Telegraph newspaper, UK bookmakers are arguing that any concessions by the government would lead to the Tote achieving a protected dominant position in the UK market.
A racing consortium, which includes Tote management and staff, the Racecourse Association and the Racehorse Owners Association, cut its latest bid for the bookmaker last week from £400m to £320m, citing jittery credit markets.
Ian Spearing, corporate strategy and development director at William Hill, told the Daly Telegraph: "If the Tote is sold for what we consider to be a subsidised price, we would challenge the deal as illegal state aid. It must be sold at full market value, which we consider to be £400m, or else others should have the chance to bid for the assets."
