UK betting group Betfred is reportedly in negotiations to sell a 25% stake in the Tote racing bet group, and could reportedly fetch more than £30 million for the share.
The negotiations were reported on by Sky News, who claims that Betfred's owner Fred Done is speaking with other betting groups to sell their 25% stake in Tote, which is worth an estimated £125 million and £150 million. Tote is the only group in the UK that's authorized to offer parimutuel bets on horse races, making it a valuable asset for operators.
Betfred purchased Tote in 2011 for £265 million, and the talks reportedly will see Done retaining control of the company.
We'll be keeping our eyes on this story and updating readers as we learn more.
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Comments
Obviously it makes sense for the Betfred owner to sell just 25% of the horse racing operator meaning that they would still maintain the control of the group and get some cash too, but if my math is right they will sell on loss, which is to say the least weird.