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.