Friday 23 May 2014 15:54, UK
Michael Tabor has acquired ownership of the BetVictor group for an undisclosed sum following a restructuring of the Gibraltar-based operation's holding company, it has been announced.
Victor Chandler, who has led the group since its incorporation, is to step down as chairman but will continue to serve as a consultant.
Michael Carlton, CEO, is also to step down, and alongside Chandler will continue to work with the company as a consultant.
Coolmore partner Tabor made his fortune when selling the Arthur Prince chain of betting shops to Coral for a reported £27million in 1995, and was a founding shareholder in BetVictor.
The changes have received in principle regulatory approval from the Gibraltar Gambling Licensing Authority.
Chandler said: "Having owned and led this business for more than 40 years, I looked towards the future and I decided that the company would be best served under new ownership and leadership.
"I have known Mr Tabor for many years and I am confident that the company will continue to thrive under his ownership."
Tabor said: "I believe the BetVictor brand has enormous potential and is well placed to continue its expansion with further investment and strategic development."
Tabor has been a prominent figure on the racing scene for many years, with his colours associated with such great horses as Montjeu and High Chaparral, as well as numerous others in partnership with John Magnier and Derrick Smith.
