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Government holds off Tote sale
The government has called off the sale of Tote after admitting that offloading the bookmaker now would leave it out of pocket.
Minister for sport, Gerry Sutcliffe, said the government would hold on to the company until it was confident it will secure a price that "reflects its true value".
“We need to be satisfied that it was right to proceed with a sale in the light of prevailing market conditions," he said.
“It is not appropriate to pursue a sale in these market conditions and have therefore decided that the Tote should be retained in public ownership for the medium-term, and brought to the market when conditions are likely to deliver value for the tax payer and racing.
“It is right that the Tote is now given time to grow the business so that any future sale will achieve maximum value.”
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