Fred Done, joint founder of high street and internet bookmakers Betfred, is reportedly in talks to sell a 25 per cent stake in the Tote.
Still firmly at the helm of the Betfred organisation, reputed to be the largest independent bookmaker on the world stage, after more than 50 years, the 75-year-old multi-millionaire is in advanced negotiations with a consortium of racing industry notaries to formulate a deal which would value the Tote at between £125million and £150million, meaning the sale of a 25 per cent stake would cost the so-far unnamed consortium more than £30million.
Those in the know have said that the Betfred chief still believed the Tote had a vibrant future, despite the impending removal of its presence from the majority of British racecourses in July this year, so is keen to retain a controlling interest, though this move would hedge his bets.
Under a £265million deal which saw Betfred take control of the Tote in 2011, ‘The Nanny’ was granted a seven-year monopoly on pool betting? but that deal has now run out and is not being renewed. Eamon Wilmott, chairman of Total Performance Data who are a provider of technology used in horse racing around the world, is rumoured to be the man leading the consortium and he will become the Tote’s new chairman if the deal is ratified. Alex Frost, a former banker with Merrill Lynch, would likely be the chief executive tasked with taking the Tote forward and into new areas.
Formerly the Horserace Totalisator Board, the British Tote was state-owned from its formation in 1928 but opened to privatisation and sold to Betfred in the summer of 2011. Under the rebranded name, Totesport, the Tote still has more than 500 high street betting shops as well as internet and call centre divisions based in Wigan. The company is estimated to currently employ more than 4,000 people.
