Business negotiation news: Betfred takes over Tote
The bookmaker Betfred has won the right to take over the Tote for the next seven years.
Betfred - which is one of the world's largest independent betting brands - has announced a deal to buy the Tote for £265 million.
As a result of the deal, the former company will now get a seven-year licence to operate pools betting on UK racecourses exclusively.
Contract negotiations will have been ongoing in the process as Betfred looked to secure a good deal.
Executive chairman of the bookmaker Fred Done noted it has an "ambition for years" to own the Tote.
"[It] is an opportunity I just could not miss. I love racing and I believe we have the greatest in the world," he added.
The decision came after a series of business negotiations, which saw Betfred defeat Sport Investments Partners in an auction for the rights.
Chairman of the newly-formed Tote Racing Development Board Barry Nightingale stated he is "absolutely confident" that the business can be grown after the takeover.
Posted by Ron Maverick