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Tote: Sale

Volume 713: debated on Tuesday 20 October 2009

Question

Asked by

To ask Her Majesty's Government whether they will make it a requirement of the sale of the Tote that the new owners consider the employment of those who work at the Tote's headquarters in Wigan; and whether there will be a requirement on the new owners to continue the Tote's support for racing. [HL5698]

The arrangements for the sale of the Tote are yet to be determined and discussions are continuing with all the relevant parties. The present intention is that the sale process itself will not start until summer 2010, with a latest completion date of March 2011. We expect to be able to give further details on the process in the next few months.

The Government's position remains that we will honour our commitment to return half of the net proceeds of any market sale to racing subject to the requirements of European state aid and competition rules. I am unable to disclose commercially confidential or sensitive information about the valuation of the Tote or prospective government payments to agents.