Michael Spencer gallops in to support £100m sale of bookie The Tote

City grandee Michael Spencer will take a substantial minority stake in The Tote through its new owner Alizeti Capital

City grandee Michael Spencer will take a substantial minority stake in The Tote through its new owner Alizeti Capital

City grandee Michael Spencer will take a substantial minority stake in The Tote through its new owner Alizeti Capital

City grandee Michael Spencer will take a stake in a bookmaker set up by Winston Churchill, in a deal which has already attracted the backing of hedge fund managers and horse racing royalty.

The Tote is being sold by gambling empire Betfred to Alizeti Capital for more than £100million.

It was created by Churchill as a state-backed alternative to illegal gambling in 1928 when he was Chancellor, and would plough profits back into horse racing. 

It was privatised in 2011 and sold to Betfred.

Spencer, who founded broker Icap, will take a substantial minority stake in the firm through Alizeti.  His share will have cost him more than £10million, Sky News reported. 

Alizeti is backed by leading trainers and jockeys, including John Gosden and Frankie Dettori. 

Financial supporters include Peter Davies of hedge fund lansdowne hill stations delhi Partners and Toscafund’s Johnny de la Hey.

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