§ 8. Mr. John Grogan (Selby)If he will make a statement about the future of the Tote. [103968]
§ The Parliamentary Under-Secretary of State for the Home Department (Mr. Mike O'Brien)We announced last May that the Tote was to be sold. Since then we have been considering, with the help of independent advisers, how and on what terms the sale should proceed, and we intend to announce our conclusions shortly.
§ Mr. GroganI thank my hon. Friend for that reply. Does he agree that our 59 race courses are a great national asset and that, as an alternative to selling the Tote to the highest bidder, there are great merits in the proposals being jointly advanced by the Tote and the racing industry to set up a racing trust to buy and run the Tote, so maintaining the vital source of income to racing from the Tote and ensuring that in future it is run on a wholly commercial basis for the benefit of the sport as a whole?
§ Mr. O'BrienI certainly agree that our racing industry is a national asset. We are considering the merits of several proposals. The sale options under consideration include a sale to a racing trust, a sale to racing in another way, a sale on the open market and a flotation on the stock exchange. We intend to sell the Tote as a single business, in line with the May announcement.
§ Mr. Owen Paterson (North Shropshire)That answer was not satisfactory. The Tote was set up by the racing industry. It does not belong to the state. It has never taken a state subsidy, and it should be returned to the racing industry. Does the Minister agree?
§ Mr. O'BrienThe Tote will go to the proper and appropriate purchasers or people who provide the state with some funding in return for it. It is right that the interests of racing, of those who work for the Tote and of the taxpayer should all be considered when taking a final decision. We shall announce that decision very shortly.