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Gala Coral pull out of the running to buy the Tote – reports racing post

GALA CORAL, one time favourites in the race to buy the Tote, has pulled out of the process, the Racing Post understands.

Britain’s third biggest bookmaker did not submit a formal bid on the government’s March 25 deadline last week,leaving a shortlist of four to fight out the finish in the contest to secure the racecourse pool betting operator, high street betting shop, online and telephone betting business.

Concern about current trading levels at the Tote and pension liabilities were key factors in Gala Coral deciding not to maintain its interest despite having all the funding in place for a deal, according to a source close to the bidding process.

Read the full story in Saturday’s Racing Post – download the digital newspaper from 3am or buy it as a PDF from 9am

 

 

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This entry was posted on Sunday, April 3rd, 2011 and is filed under Gambling Stories. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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