Racing: Tote may break free

THE TOTE is to come out of public ownership if successful in its attempt to secure Coral, it was confirmed yesterday. The Tote, gradually expanding its operation, now has the financial muscle to try to mount a credible bid for the Coral operation. The opportunity has come about after the Monopolies and Merger Commission blocked Ladbrokes' attempt to acquire the Coral estate.

The Tote chairman, Peter Jones, said: "If the Tote were to buy Coral there is a general recognition that it would not be appropriate for the Tote to maintain its status as a self-financing operation within the Home Office.

"What exactly should happen to the Tote is the subject of a report I am preparing for ministers with the help of officials from the Treasury as well as the Home Office. We have strong financial support to mount a credible bid," he said. "But we are only interested in Coral to enhance the longer term return to racing. We must ensure that the thrill of the chase does not persuade us to overpay."