Gaming group Gala Coral is reportedly seeking talks with the horseracing industry to rejuvenate the £400m sale of the Tote, the state-owned bookmaker, which has been stuck in a deadlock.

A Lloyds TSB-funded consortium – including the Racecourse Association, the Racehorse Owners Association, the Racecourse Holdings Trust and Tote management – made a £400m bid for the Tote in January, but the deal ground to halt at the eleventh hour.

The Independent reported that Gala – which had its bid for the Tote rejected last year because the government had promised to sell it to the racing industry – wants to meet with the Racehorse Owners Association and the Racehorse Association to see if an alternative deal can be reached.