GAMBLING State-owned horseracing bookmaker the Tote is to be sold on the open market after the government rejected a bid from a racing consortium today.

The bid team - which includes the Racehorse Owners Association, the Racehorse Association and Tote bosses - has been in talks for more than a year, but its offer failed to match the government's £400m price tag.

Sports minister Gerry Sutcliffe said the offer had been declined with 'great regret' and is appointing advisers to prepare for an open market sale.

The Wigan-based Tote has more than 4,000 staff and 450 betting shops. The Labour Party first committed to sell it in 2001, to end the government's direct involvement in horseracing.

Salford bookmaker Fred Done, boss of the Warrington-based BetFred empire, has already let it be known that he would interested in bidding for the Tote. Mr Done recently postponed his own plans to float his business due to the turbulent conditions on the stock market.

The consortium is thought to have faced problems raising funds due to the global credit crunch. Tweet