40 offers for Tote

The sale of the UK’s government-owned bookmaker has received upwards of 40 offers says the Financial Times. A Goldman Sachs-run auction hopes to fetch around £400m (US$781m) for the asset.

Private equity players, trade buyers, a Dubai-based sovereign wealth funds and several ‘wild cards’ are believed to be amongst the bidders.

Gala Coral, the bingo hall operator backed by buyout firms Candover, Cinven and Permira, made an offer for the Tote last year and is in the running for the company this time around. Ladbrokes, Paddy Power and Boylesports are amongst the trade buyers interested in Tote.

Last year, a sale of the 540-store strong Tote to a horse racing consortium faltered as a result of financing difficulties.