Wednesday, 23 November 2011

RACING POST WEDNESDAY NOVEMBER 23rd 2011. £90m PROMISED FROM TOTE SALE PROBLEM

THE RACING POST WEDNESDAY NOVEMBER 23rd 2011
RACING POST WEEK MONDAY NOVEMBER 21st TO SUNDAY NOVEMBER 27th 2011

TODAY'S CARDS Wetherby, Lingfield Park, Fontwell, Kempton Park and Cork.

JON LEES  "And the wait goes on .... Racing has yet to see any of the £90m it was promised 

from tote sale. It could be as late as 2020 before the last instalment is finally delivered.
State-aid rules mean charities will be ones to benefit rather than prize-money."

"ROY STILL IN THE DARK OVER HOW RACING CAN USE TOTE PROCEEDS"

NEWS
TOTE SALE TIMELINE SINCE 2000
"Feb 2000 Labour government announces intention to sell Tote to racing.

"Late 2004 Bill passed to allow sale of Tote to racing.

"Sep 2006 Racing consortium's initial offer of £400 million is rejected.

"Mar 2008 Government commitment 'to make available to racing half the
net proceeds of any open market sale of the Tote."

"Oct 2009 Surprise announcement by prime minister Gordon Brown that Tote would figure in sale of government assets, forecast to raise £16 billion over next two years. Government sets March 2011 as completion date for sale.

"Sep 2010  Minister for gambling John Penrose  says government now preparing to launch 'an open market process' to resolve future of Tote in late autumn and will update House of Commons "early in the new year."

"Jan 31, 2011 Government  says 18 indicative proposals  received, and 'selected number of parties' invited to advance to next stage.

"Mar 1, 2011  Penrose (below) tells Commons. "Given the current state of the national finances, I am afraid it will be extremely hard, or completely impossible , in my view, to argue that we should do more than a 50-50 split (of net proceeds between government and racing)."

"April 11, 2011 Race whittled down to two runners Betfred and Sports Investment Partners.

"June 3, 2011 Betfred win bid; £265m headline value, £180m net to be split 50-59 between Treasury and racing.

"Mar 2012 First instalment of the proceeds from the sale of the Tote promised to racing  expected to have been paid

"2020 Final instalment of racing's  £90m to be paid."

GRAHAM GREEN "MYSTERY AS BHA DELAYS CORRUPTION RESULTS
"JOCKEYS Paul Doe, Greg Fairley, Kirsty Milczarek, Jimmy Quinn and rider-turned-trainer Paul Fitzsimons along with eight others-will have to wait another three weeks before discovering their fate after plans to announce the outcome of racing's latest corruption inquiry were aborted by the BHA's disciplinary  panel yesterday.


"The 13 individuals facing charges, together with the legal teams, had been invited to the BHA's London headquarters in the expectation of getting the verdicts before the hearing was called off without any explanation being proffered.


"Instead the panel met in private and, while the nature of their discussions is not known, it was later revealed the inquiry results would not be made available until December 14.


"Mystery surrounds the cause of the delay, not least as the BHA on Monday was anticipating that the written reasons for the panel's decision, along with penalties, would be released yesterday after those that are found guilty had the opportunity of mitigation.


"Although the charges were filed in May, the inquiry did not commence until October 19 and ended on November 3."

J MARGARET CLARKE TURFCALL
Sad to read this,  young ones careers blighted by cruel bloodhorse illiterate authority. Not given the chance to learn properly in the first place. An outdated authority who prefer to condemn, rather than guide.


 

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