Following valuation by Price Waterhouse Coopers, the government has informed the British horse racing industry that it has until the end of the month to submit an offer at market value for the Horserace Totalisator Board, commonly known as the Tote. The valuation is believed to have set the price at over £400m, with some insiders claiming it could be as high as £550m. A consortium, which has a combined ownership of half the 59 racecourses in the UK, has been formed to secure finance for the bid. Should it fail to do so, the government may put the Tote up for auction. The Tote owns 540 betting shops accross the UK and recorded a turnover of £2.21bn last year, up 16.9% on the previous year.