Michael Taylor
Editor of North West Business Insider
In Focus: High stakes
We journalists enjoy a good takeover story. It has all the ingredients of a ripe Shakesperean epic. All those clashing egos, high stakes speeches and bitter defeat for the vanquished.
We’ve been following the twists and turns of the battle for the Tote for as long as I can remember. Now that the decision is imminent it’s clear that there will still be more drama to come.
The riders have been left to just two – Martin Broughton’s SIP consortium and the North West bid, led by Fred Done, chairman of BetFred, the UK’s largest independent.
Although Fred Done is a public face, he prefers to do his business deals in private. This whole experience has, if anything, showed any of his doubters that he can play the politics of a race like this as well as anyone.
The top team in Birchwood has been led principally by finance director Barry Nightingale, no stranger to anti-establishment bun fights from his time at Easyjet. Nightingale has led various initiatives aimed at dampening the supposed hostility from the racing fraternity, a body Fred Done has been critical of in the past.
In the end, it isn’t a conventional deal – both sides have come up with the money – some have questioned the "smoke and mirrors" of the SIP bid, but ultimately it comes down to politics. There are a pile of reasons why one side or other edges it, but if there is a jobs issue, or an asset stripping fear, or a fear that one side doesn’t have the robust case, then special measures will be brought to bear.
The latest attempt to sway the decision comes from rising Conservative star Ben Wallace MP, member of the Racing and Bloodstock All Party Parliamentary Group, who claims the conservative and closed world of racing have backed the wrong consortium from the start.
"Firstly they were determined to only back the racing foundation bid which fell at the first hurdle and now, instead of standing back and being objective about the considerable offers available to race course owners, have switched allegiance to a bid with equal smoke and mirrors financing."
The result could well be announced today. But whatever outcome both sides will have some tales to tell. As if by magic on 15 June we’re inviting you to a ringside seat with Peter Done of the fabulous Done Brothers.
After a bacon roll and a cup of coffee I’ll be getting Peter to tell some of the fascinating stories of his life in business. And you can bet that one of the most exciting chapters is being written as we speak. Come along.
Any comments? Michael Taylor, Insider
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About Michael
Michael Taylor joined Insider in 2000 when he became editorial director. He has been responsible for overseeing the significant growth of the editorial division in this time.
Michael has played a major role in the development of Insider events, insiderbusiness.tv and is a regular contributor to BBC Radio Manchester. During his tenure as Editor of the multi-award winning North West Business Insider Magazine he has made the magazine market leader in the North West.
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