Tote Buyout Falters

The long mooted privatisation of the Tote, which has a unique position as an on-course provider of pool betting at racecourses around the UK, could be threatened the turmoil on the financial markets.

Lloyds TSB has already said it will provide Gbp335m (US$670m) in all to the racing industry to allow this party to buy out the organisation from the Government. This is the Treasury's preferred solution.

However, the industry itself must raise the remaining Gbp65m (US$130m) in order to meet the