Sir Martin Broughton who is the vice chairman of the British airways has successfully gathered support for his bid to acquire Tote, the state owned book maker. The bid has received back up from the Penta Capital which is a famous buy out firm. Broughton was also the chairman of the Liverpool Football Club, which holds the most English premier league titles along with Manchester United. The man was also the owner of a race horse for many years. The Penta capital is buy out firm based in Glasgow which has major stakes in the Eat sandwich shops and insurer Esure. According to the latest report this firm will be underwriting Broughton’s Bid.
For the acquisition the bookmaker must receive completely funded offers by the middle of the coming month. The bookmaker Tote has monopoly rights on pool betting in the Great Britain and it owns nearly fife hundred and fifty betting houses. The sale is being done by the Government to lower some of its deficits. The deal is likely to fetch an amount equal to two hundred and twenty five million pounds. A part of the money thus received which is likely to be half the amount is planned to b ploughed back into the racing industry.
Other Bidders for the Bookmaker Tote includes Betfred and Gala Coral both of which are betting groups and the list also has billionaire Reuben brothers. The sale process will be monitored by the Lazard, a well known investment bank.
The battle for acquiring Tote has already heated up and there are accusations hurled at one another of misleading information and dirty tricks as the process of sale nears its final round. Rumors of Gala Coral leaving, had spread across the whole industry however a source close to betting house rejected any such move referring the news to be completely untrue.