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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/01/shortlist-drawn-up-for-tote-sale.jpg"><img class="alignnone size-full" title="Tourism and heritage minister John Penrose said a shortlist of bidders for the Tote had been drawn up" src="http://londonglossy.com/wp-content/uploads/2011/01/min-shortlist-drawn-up-for-tote-sale.jpg" alt="Tourism and heritage minister John Penrose said a shortlist of bidders for the Tote had been drawn up"/></a></p>
<p>The long-awaited sale of the Tote moved closer to the finishing line as the Government announced the next stage of its £200 million auction.</p>
<p>John Penrose, minister for tourism and heritage, said a shortlist of bidders had been drawn up after receiving 18 takeover proposals for the state-owned betting group.</p>
<p>The statement from the Department for Culture Media and Sport did not reveal the suitors, but added that another update was due in the spring.</p>
<p>Favourites are said to include bookmakers Gala Coral and Betfred, as well as a consortium led by former Ladbrokes chief executive Chris Bell and another bidding team headed by British Airways chairman Sir Martin Broughton.</p>
<p>The Government fired the starting gun on the sale during June&#8217;s Budget in the latest attempt to offload the Tote into private hands.</p>
<p>The Tote, which was set up by an Act of Parliament in 1928, has now been lined up to be sold for 10 years.</p>
<p>Ministers aim to resolve the future of the Tote by the end of June and have pledged to share 50% of the net cash proceeds from a sale with the racing industry.</p>
<p>But the Government said the proceeds will be spread out over the period of its spending review as it seeks to slash Britain&#8217;s national debt.</p>
<p>Investment bank Lazard is handling the auction and it is understood that shortlisted bidders will now receive a financial report being compiled by accountant Ernst &#038; Young.</p>
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