HL Deb 11 October 2004 vol 665 cc36-7WA
Baroness Noakes

asked Her Majesty's Government:

Further to the statement by the Lord McIntosh of Haringey on 14 September (HL Deb, col. 1044), what is the legal authority for paying 50 per cent of the proceeds of the sale of the Tote to a party other than the Racing Trust. [HL4245]

Lord McIntosh of Haringey

The Horserace Betting and Olympic Lottery Bill, once enacted, will enable the Secretary of State for Culture, Media and Sport to transfer the property, rights and liabilities of the Horserace Totalisator Board to a successor company and to direct the company to issue securities to her or her nominee. The Secretary of State will then be entitled, by virtue of that legal ownership, to sell some or all of those securities. It remains the Government's policy to sell all of them to the racing trust, if possible. In that event then all the proceeds of the sale will be paid into the Consolidated Fund. If for some reason a sale to the trust cannot be completed, then it remains the Government's intention to sell all the securities to a third party, with half the proceeds being paid into the Consolidated Fund and half paid, under the authority of the Appropriation Act, to a body or bodies representing the interests of British horseracing. Any sale and payment will have to comply with European Union rules on state aid.

Viscount Falkland

asked Her Majesty's Government:

Whether the sale of the Tote to a racing trust will involve a percentage of the consideration being reserved for the staff of the Tote; how that amount is likely to be divided; and in what form. [HL4291]

Lord McIntosh of Haringey

These matters are subject to discussion between the Tote and the Racing Trust as prospective purchaser, and if necessary will be taken forward as part of the overall sale negotiations between the trust and the Government. The trust has so far made no formal proposals in this respect; and the Government have reserved their position.

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