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 franchise.
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.
The decision follows the rejection of an earlier offer from a consortium of racing interests which the Government considered was not at full market value.
The UK Government announced back in March 2000 its intention to sell the Tote to a racing trust.