The Government revealed that it has turned down a bid, believed to be £320m, by a consortium of racing interests to buy the Horserace Totalisator Board.

They're now hoping the £400m price tag will be met on the open market. But the fear for the 650 staff employed at the headquarters in Poolstock is that it will now be met by an existing bookmakers, who wants the 450 shops, but who won't need Wigan as their HQ.

The government said the bid did not meet the independent assessment of the Tote's market value, which was necessary for a sale to proceed lawfully under EU state aid rules.

Having exhausted all practicable sale options, the Government has decided to draw a close to the period of exclusive negotiation with racing and now intends to prepare for an open market sale.
They did however promise that Wigan's attractive location would be made a point of sale.

Minister for Sport Gerry Sutcliffe said: "It is with great regret that
the Government has declined the offer. However, we stand fully behind our commitment to make available to racing half the net proceeds of any open market sale.

"We will now be considering urgently how best to give effect to that undertaking in ways which meet the needs of racing, do not add unnecessary bureaucracy and are consistent with European state aid and competition regulations.

"The Government is very sensitive to Tote staff worries about job security. I must stress that it's far too soon to jump to any conclusions. Any potential bidder for the Tote will, I'm sure, recognise the need to draw on the expertise and knowledge of the Tote's excellent staff to drive the business forward. Advisers will emphasise the attractions of Wigan as a business destination in sale marketing documents."

Advisers will shortly be appointed to advise on sale options and to establish which will maximise value for the taxpayer.
The sale of the Tote is part of the Government's wider policy of ending its direct involvement in the administration and financing of horseracing.

The Government is also taking steps to appoint a Chair to oversee the process of preparing the Tote for sale. The current interim Chair, Sir Ian Good, will continue in this role until an appointment is made.
In 2006 a bid made up of racing owners and race courses was also rejected because it didn't meet the asking price.

The Tote are unavailable for comment at this time.
Labour made the sale of the Tote a manifesto promise in 2001.
The Tote was founded by Winston Churchill in 1928 as a safe haven for gamblers beyond the reach of illegal bookmakers.