BA chairman to bid for Tote

British Airways chairman, Martin Broughton, has entered the fray in the bidding for the Tote, ahead of the bidding deadlines for the British betting and pools business.

Broughton, who spearheaded the sale of Liverpool FC in October, has set up a private equity business with his son, Michael, called Sports Investments Partners in a bid to acquire the government owned enterprise.

The BA chief is a lifelong horseracing fan, and the former chairman of the old British Horseracing Board, now the British Horseracing Authority, which regulates UK racing.

Other interested parties in the football pool operator, Sportech, and the bookmaker, Betfred, as well as William Hill.

The Tote - set up by Winston Churchill in 1928 - is valued at around £200m, having plummeted in value from around £400m just three years ago.