The long-running saga of the Tote sell-off has come to an end, with ministers telling Parliament the deal has now been completed.

The privatisation of the Tote was proposed more than a decade ago during Tony Blair’s administration but a sale was finally agreed last month, with Betfred securing the rival bookmaker in a £265 million deal.

In a statement to Parliament, culture minister John Penrose said the sale was completed on Wednesday.

Mr Penrose said: “The Government would like to place on record its gratitude to the board and staff of the Tote, past and present, for their stewardship of the Tote and to wish the combined business of Betfred and the Tote a successful future.

“The Government will now enter into detailed discussions with representatives of the racing industry on the design of a scheme for disbursing its share of the net proceeds of sale in a manner which complies with EU state aid rules.”