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Government prepares to offload the Tote
The DCMS has begun preparations for the sale of the state-owned bookmaker the Tote.
In a written statement to the parliament, sports minister Gerry Sutcliffe confirmed that the government was looking to sell but hinted that it would not be in hurry to do so if the price wasn't right.
“The Government remains of the view that it is appropriate that it removes itself from detailed involvement in the affairs of the racing and bookmaking industries.
“However the Government will need to be satisfied that it is right to proceed with a sale in the light of current market conditions."
He added that a detailed study on the Tote will be undertaken during the course of the summer, which will provide the necessary groundwork to launch a sale in the autumn.
The Horserace Totalisator Board (“the Tote”) is a statutory body created by an Act of Parliament in 1928 and currently operates 540 betting shops and employs more than 4,000 people.
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