Bingo group poised to bid for Tote

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Gala Coral has reportedly started talks with the racecourses over a joint bid for the Government-owned bookmaker.

Chief executive Neil Goulden is said to have met David Thorpe, chairman of the Racecourse Association, and Mark Elliott, chief executive of Arena Leisure, the operator of seven tracks including Doncaster, Windsor and Lingfield.

The deal could be attractive to the track operators given the Tote's exclusive seven-year licence to operate pool betting.

The talks examined whether the owner of the Coral betting chain and racecourses would make a joint bid.

The sale of the Tote was opened up last month after a sell-off to a racing consortium that included the Racecourse Association and Tote management failed.

The racing group offered £320 million, against the £400 million the Government was looking for.

The Tote owns 540 betting shops nationwide, which would be added to the 1600 shops that are operated by Gala Coral.

Goldman Sachs is organising the sale for the Government.