After rejecting a purchase offer for the Tote from a consortium of racing interests as too low, the British government now plans to auction the state-owned bookmaker.
The government will appoint advisers to handle the sale. In the meanwhile Ian Good will continue to serve as chairman of the Tote until a new one is appointed to supervise the sale. Half the net proceeds of the sale will be given to the racing industry.
The Tote operates on-course betting and a chain of 450 betting shops. It had revenues of £2.4 billino in 2007 with profit up 27 percent to £30.7 million.