Betfred create a joint venture (JV) with Satellite Information Services (SIS) and Bet Solutions International to acquire the Great Leighs racecourse in Chelmsford.
Fred Done may not be spending his hard earned profits on the salaries of his employees, but that hasn’t stopped him splashing out the cash earned after an amazing year that has seen group turnover up 19% to £8bn, and gross profit up 22% to £362m.
Tote Media Limited (a new Betfred company) has created a joint venture company with Satellite Information Services (SIS) and Bet Solutions International to acquire the Great Leighs racecourse and all of its assets.
The new JV is called Great Leighs Estates Limited and barring any legal interventions, it’s the intention of the JV to change the name of the UK racetrack to Chelmsford City Racecourse.
Once the final details are hammered into ink Great Leighs Estate Limited will start work on a brand new Grandstand, whilst undertaking a complete review of all the racetracks assets. The JV will apply to the British Horseracing Authority (BHA) for a license and entry into the 2015 Fixture Allocation process.
Phil Siers the Managing Director of Tote Media Limited said “We are delighted to be involved in this project, and look forward to working with our partners and the BHA to create, what we believe will be the best all weather facility in Europe.”
Joe Scanlon Director of Racing at Betfred has been appointed Chairman of the racecourse and he told the press:
“I’m delighted that a new joint venture Company has acquired the assets of Great Leighs and I look forward to working with our partners. The track is ideally placed for Newmarket’s training center whilst the surrounding area has a total catchment in excess of 3 million people.
“This is an exciting challenge and represents a significant investment. Working closely with the BHA we intend to deliver a high class program of racing which can only be to the benefit of everyone involved in our wonderful sport.”
Great Leighs became the first UK racecourse to open since 1927 when it was unveiled in 2008. The site entered administration in 2009, and was bought by MC Racetracks in 2011, but the BHA has since turned down their licensing applications.
The move comes after Betfred employees went to print in the tabloid press to complain about Bet Fred’s move to link employee’s wages with the success of the shops Fixed Odds Betting Terminals (FOBTs).