EC to investigate Tote sale
The European Commission has opened a formal investigation into the Government’s plans to sell the Tote to a racing industry consortium.
The commission suggests that the sale may involve “substantial state aid” and “has doubts whether the aid favouring racing and betting activities is necessary and proportionate”.
But Lord Lipsey, chairman of the Shadow Racing Trust – the proposed new owners – said he was confident no rules had been breached.
Lord Lipsey said: “We still believe that this sale does not contravene state aid rules, and so this is a disappointing decision. The Tote has already gone through a lengthy period of uncertainty. Further delay due to a formal investigation only hinders its current commercial development.”
He added: “A sale to a Racing Trust is in the best interests of both the Tote and racing.”
