A group of reportedly known figures with stakes in the horse racing industry have combined to invest in the British Tote. The group, known as Alizeti Capital and headed by former Merrill Lynch trader Alex Frost, has reached a deal with Betfred to buy 25% of the Tote, with the option of an increased investment over a period of three to five years and eventually a complete takeover, according to Racing Post. Betfred bought the Tote for £265-million in 2011.
“I'm tremendously excited about our shared vision for a truly iconic brand within the sport of horseracing, and for where the Tote can go next–domestically and on a global stage,” Frost told Racing Post. “Our supporters are dedicated racing people who, collectively, own and train more than 1,000 racehorses worldwide, and we're excited and determined to work together for the Tote. This is a defining moment for the future funding structure of British racing.”
“We want the Tote to help secure racing's finances for generations to come and I'm looking forward to sharing our progress with race fans about new products and technologies in due course.”
Frost said Alizeti is also in talks with Britbet, a pool-betting collaborative between 55 of the country's racecourses, about a partnership. There has been concerns about the splitting of pools between the Tote and Britbet.
Not a subscriber? Click here to sign up for the daily PDF or alerts.
