STANDSTILL ARRANGEMENT FOR THE TOTE REACHED WITH BRITBET
June 12, 2018
Discussions to continue over summer regarding the future of pool betting
Today, agreement has been reached between the Alizeti consortium, Betfred and britbet about the future of pool betting in the UK.
In an important step forward, britbet has agreed to a Standstill Arrangement with the Tote ahead of the existing Tote exclusivity licence ending on 12 July.
The arrangement will provide the opportunity to develop a long-term partnership to ensure there is a single pool betting operation for British racing which is in the best interests of the sport.
The Alizeti consortium has taken a 25% stake in the Tote, as part of a £150 million deal with Betfred, and has the option to purchase it outright within 3-5 years.
The Alizeti consortium is made up of racehorse owners breeders with more than 1,000 horses worldwide. They are dedicated to racing’s future and have come together under the banner of Together for the Tote.
Together for the Tote, spearheaded by racehorse owner and breeder Alex Frost, will allow the group of racehorse owners to continue the good work by Fred Done and his team and assist in modernising and transforming the Tote’s role in British racing for the public and all stakeholders. This announcement last month received backing from industry heavyweights, including leading trainers and jockeys like John Gosden and Frankie Dettori, as well as the Racehorse Owners Association.
Alex Frost, Chief Executive of Alizeti Capital and 25% stakeholders in the Tote said: “I would like to thank Neil and the Britbet board for the immensely collaborative and positive manner in which discussions have taken place. Our team will continue to work with the britbet team to ensure the best outcome for the sport in the months and years ahead. As Together for the Tote we are committed to securing racing’s finances for generations to come through a revitalised Tote.”
Fred Done, Founder and CEO of Betfred, said: ““This is a significant step in the right direction for the future of the Tote and I look forward to seeing the continuation of the hard work and achievements Betfred have made in the seven years of our ownership.”
ENDS.
About Together for the Tote
Together for the Tote is a group of racehorse owners and breeders who are passionate about the sport and determined to bring the industry together for the Tote to benefit racing. Headed up by the Alizeti consortium of racehorse owners, Together for the Tote is backed by stakeholders from across the industry – including racehorse owners who have over 1,000 horses in training around the world. Together for the Tote is committed to helping to secure racing’s finances for generations to come through a revitalised Tote.
For further information, please contact Susannah Gill at info@togetherforthetote.com