Fairly sure Fred just loses his EXCLUSIVE Licence - NOT his overall operating Licence.
He, therefore, still OWNS the TOTE, and has done a deal with a major investor, too ... and nobody else has either the money, nor more importantly, the clout to offer an alternative - including the delusional Britbet, who will, eventually just merge with the TOTE.
Fairly sure Fred just loses his EXCLUSIVE Licence - NOT his overall operating Licence.He, therefore, still OWNS the TOTE, and has done a deal with a major investor, too ... and nobody else has either the money, nor more importantly, the clout to off