Tote, the state-owned horse racing betting business, is to be sold off by the
government at a market value in the region of £400m.
The government has invited a consortium of racing interests together with
management and staff of the Tote itself, to make a final bid for the betting
The consortium consists of the Race Course Association, the Racehorse Owners
Association and the Racecourse Holdings Trust.
The consortium has been requested to submit its bid by January 26.
Lord Stevens’ report into corruption in football transfers among top flight
clubs is expected to be presented internally to a three-man Premier League
committee this week.
The report, which is expected to identify clubs and agents accused of taking
bungs in football transfers, will initially be reviewed by the committee who
will then decide whether any disciplinary proceedings will be taken.
Speaking publicly for the first time since quitting as head of the Olympic
Delivery Authority, Jack Lemley has accused the government of ignoring his
repeated warnings over spiralling costs for London 2012.
Lemley, who left the ODA in October, has labelled the financial estimates for
the construction projects for the Games as a ‘swamp’ and that ‘a blind man could
see’ the problems associated with the Olympic site.
The recent spate of foreign interest in FA Premier League clubs shows no sign of
abating with Liverpool on the verge of accepting a £450m takeover bid from a
According to media speculation, the Dubai International Capital group will be
allowed to press forward with the takeover this week although there is still
interest in the club from other parties including American billionaire George
The IOC’s watchdog body which is running the rule over the progress of London
2012 has dismissed recent criticism of the organising committee, stating it is
‘very happy’ with the progress so far.
The London 2012 organising committee has been under pressure in recent weeks
after Culture Secretary Tessa Jowell reported to the House of Commons that
construction costs for the Olympics had risen to £3.3bn.
However, IOC co-ordination commission chairman Denis Oswald told Olympics
executives there would be no ‘knee-jerk reactions’ to claims of spiralling
London 2012 budget rows refuse to go away with rumours now surfacing that the
official cost of building the Olympic stadium has been underestimated.
According to predictions from construction experts, the true cost of building
the new arena is more likely to be in the region of £500m as opposed to the
£280m laid out in the original bid document.
Culture Secretary Tessa Jowell has told MPs that the cost of building the 2012
Olympic Park has risen by £900m to £3.3bn in a revised budget report.
The 40% rise in the construction costs was widely expected with Jowell
placing the blame on the rising cost of steel and revising transport costs to
take into account inflation. The revised figures also include a £400m bill to
pay delivery partner CLM to make sure the Games come in on budget.
West Ham United has finally reached an agreement with the consortium led by
Icelandic businessman Eggert Magnusson regarding a £85m takeover of the FA
Premier League club.
Magnusson's consortium has secured agreements to buy 83% of shares and the
Hammers' board have recommended the offer to remaining shareholders.
Magnusson will replace Terry Brown as West Ham chairman, although Brown will
remain at Upton Park as a director.
Rights selling agency Sportfive, which holds the TV rights contract for UEFA’s
2008 European Championships amongst a raft of other properties, has been sold to
a French media company in a €865m deal.
Lagardère SCA reached an agreement to purchase Sportfive from its present
shareholders at the weekend although the sale is subject to the approval of the
Sportfive was put up for sale earlier this year by its owners, RTL Group,
private equity group Advent International and Goldman Sachs Group.
The LTA has announced that last year’s Wimbledon Championships generated £25.5m
in revenue to be redistributed into British tennis.
In revealing the funding derived for the sport from Wimbledon, the LTA also
stated that it would be pulling together a team to instigate widespread
structural changes to the way tennis is governed in the UK.
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