The horseracing industry welcomed the government’s long-expected announcement on Wednesday that it was abandoning the open market sale of the Tote betting and pool business because of the financial climate.

Gerry Sutcliffe, sports minister, said the government still remained committed to its sale at a later date. “I have ... decided that the Tote should be retained in public ownership for the medium term, and brought to the market when conditions are likely to deliver value for the taxpayer and racing.”