Betfred has confirmed that it has entered into binding contracts with the secretary of state for the Department of Culture, Media and Sport to acquire the successor company to The Horserace Totalisator Board (the Tote) for £265m.
This comprises an initial payment of £150m and further amounts, including interest accrued, of £115m. As part of the transaction, Betfred will be awarded an exclusive seven-year licence to operate pools betting on UK racecourses and is acquiring the the Tote’s 517 shops and online businesses.
Betfred CFO and chairman of the newly formed Tote Racing Development Board, Barry Nightingale, said: “I am absolutely confident that, working with Tote management and employees, we will together be able to grow the business, develop the pool and, through its success, be able to return more to the racing industry.”
Executive chairman of Betfred, Fred Done, added:
“Buying the Tote has been an ambition for years, so I am absolutely delighted. The Tote is an opportunity I just could not miss. I love racing and I believe we have the greatest in the world. Over the coming months I will develop the Tote’s relationship with the sport into a highly successful commercial partnership.
“I am thrilled and excited by the opportunities ahead, I extend a big welcome to Tote staff and, now this long process is over, I can’t wait to get going with the job of bringing our businesses together. ”
