Tote Sport Bid from Boylesports
10th March, 2008
Reports today have shown that Boylesports, a fast growing Irish Bookmaker, are evaluating a potential bid for Tote Sport which is being sold off by the British Government.
"We'll certainly be having a look at it," Boylesports boss Daniel O'Mahony told the Sunday Independent. "We're in a growth phase. It'd be a large deal for us but we are debt free."
The Horserace Totaliser Board (Tote) was set up by an Act of Parliament in 1928 by Winston Churchill. In the year to end-March 2007, the business turned over £2.48 billion, with operating profits of £24.4m. PricewaterhouseCoopers have valued the Tote for the government at a reported GBP 400 million.
Other potential buyers include a consortium consisting of organizations such as the Racehorse Owners’ Association and the Racehorse Association. The consortium has already made a bid of £320 million dollars which was rejected by the Government.
UK laws regarding competition will probably prevent bookie giants such as Ladbrokes and William Hill making a bid but privately owned Gala Coral have already made a bid. As well as Gala Coral, Boylesports and the consortium Betfred and Paddy Power are expected to make bids.
