However he made clear that no final decision to launch a sale has been taken and that the Government will need to be satisfied that it is right to proceed with a sale in the light of market conditions at the time.
Mr Sutcliffe said:
“The Government remains of the view that it is appropriate that it removes itself from detailed involvement in the affairs of the racing and bookmaking industries. We also want to give certainty to the Tote and its businesses so that they can develop and flourish for the benefit of their staff and racing.
“Having received preliminary views from our advisers on the strategic options available with regard to the Tote, it is clear that the Tote is a highly attractive asset which would enjoy significant interest if brought to market in an open auction.
“However the Government will need to be satisfied that it is right to proceed with a sale in the light of current market conditions. The Government intends to commission detailed work on the Tote to be undertaken during the course of the summer, which would provide the necessary groundwork to launch a sale in the autumn.
“This work will also provide further data on the company which would enable the Government and the Tote Board to consider how best to create further value inside the Tote if, in the light of market conditions, the Government decided in the autumn not to proceed to a sale at that time.”
Mr Sutcliffe also paid tribute to the Tote staff in Wigan:
“I would like to place on record its warm appreciation of the fortitude and professionalism of the Tote’s staff up and down the country at this time. If a sale of the Tote were to proceed the Government would emphasise in any sale documentation and process both the quality of the Tote’s workforce and the North West as an excellent business destination.”
