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Tote Sale Set to Benefit Racing Industry
03/02/11

The British racing industry, in such fragile financial shape for the last few years and with little optimism filtering through for the year ahead, has received a welcome tonic with the news that the impending sale of the Tote could result in a windfall of some £50 million, writes Elliot Slater.

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Kelso

Although the identity of the new owner of Britain’s sole pool horse race betting company has yet to be revealed, not even the best horse racing tips have that information (indeed the decision as to who has made the shortlist is shrouded in secrecy), the coalition government has made their first significant statement on the deal in assuring the racing industry that half of the net proceeds of the sale will be directed back to the industry, (hopefully to the grass roots where the situation can be described as little better than dire).

With minimum prize-money levels having been removed last year, owners are finding themselves with rising bills matched against prizes that are in some cases lower than equivalent races in the 1980’s! The pure economics of owning, and for that matter, training horses does not add up for UK and Irish racing. A sport that made the transition from an elitist pastime to a more pluralistic inclusive pursuit over the last 20 years through mass syndication and owners groups, stands in danger of falling back into the category of ‘Sport of Kings’ (and a few other very rich people).

Paul Roy, the BHA chairman, has been in constant discussions with the government to try and extract from them a guarantee that their pledge to pass on profits from the sale of the Tote would be honoured, and that they wouldn’t be tempted (in the current harsh economic climate) to divert the funds to other causes. Thankfully, Roy’s pleas appear to have been heeded and the guarantee given should help to keep racing’s head above water – for the time being, at least.

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