FrancophonIA/JRC-Acquis_subcorpus_EL-FR_Hunalign_aligned-TMX huggingface dataset:
Greek: (2) After a meeting between the UK authorities and the Commission took place on 23 September 2004, the UK authorities announced, by letter of 24 September, that they would submit additional information. This information was finally submitted by letter registered on 15 March 2005. By letter dated 13 April 2005, the UK Government agreed to extend the deadline for adopting a decision on the notified transaction.
French: (2) After a meeting between the UK authorities and the Commission took place on 23 September 2004, the UK authorities announced, by letter of 24 September, that they would submit additional information. This information was finally submitted by letter registered on 15 March 2005. By letter dated 13 April 2005, the UK Government agreed to extend the deadline for adopting a decision on the notified transaction.
Greek: II. DESCRIPTION OF THE MEASURE
French: II. DESCRIPTION OF THE MEASURE
Greek: (3) The UK Government is currently in the process of modernising the British gambling industry. To this end, the UK government has brought forward the Horserace Betting and Olympic Lottery Act, which gained Royal Assent on 28 October 2004. One of the objectives of the overall reform is to open up the pool betting sector to competition. In this context, the UK Government is seeking to transfer ownership of the Tote (a public law betting operator) to the private sector and to abolish the Tote's current monopoly for pool betting on horseracing. The Tote would cease to exist and all assets and liabilities would be vested into a new company limited by shares wholly owned by the UK authorities. In order to ensure a smooth transition to full competition, the current statutory monopoly will be replaced with a 7-year exclusive licence for this successor company [1].
French: (3) The UK Government is currently in the process of modernising the British gambling industry. To this end, the UK government has brought forward the Horserace Betting and Olympic Lottery Act, which gained Royal Assent on 28 October 2004. One of the objectives of the overall reform is to open up the pool betting sector to competition. In this context, the UK Government is seeking to transfer ownership of the Tote (a public law betting operator) to the private sector and to abolish the Tote's current monopoly for pool betting on horseracing. The Tote would cease to exist and all assets and liabilities would be vested into a new company limited by shares wholly owned by the UK authorities. In order to ensure a smooth transition to full competition, the current statutory monopoly will be replaced with a 7-year exclusive licence for this successor company [1].
Greek: (4) The UK authorities envisage selling the successor company in a closed sale transaction to the Racing Consortium ("Racing"), which represents the various constituent parts (mainly trade associations) of the horseracing sector. Among the various sales options, the Government rejected the sale by competitive auction, which — while likely to maximise proceeds — would probably lead to a break-up of the Tote's business and might have resulted in a reduction in the Tote's contributions to Racing over time.
French: (4) The UK authorities envisage selling the successor company in a closed sale transaction to the Racing Consortium ("Racing"), which represents the various constituent parts (mainly trade associations) of the horseracing sector. Among the various sales options, the Government rejected the sale by competitive auction, which — while likely to maximise proceeds — would probably lead to a break-up of the Tote's business and might have resulted in a reduction in the Tote's contributions to Racing over time.
Greek: (5) In order to ensure that Racing will pay a fair price, the UK authorities have instructed an independent consultancy to carry out a valuation of the Tote, including the exclusive licence, on the basis of a well established, commonly-used methodology [2]. According to the UK authorities, the evaluation as well as the sales transaction itself needed to take into account the various objectives pursued by the Government, namely that the Tote was to be sold as a single entity, that the sale should not impede Tote's commercial development, that the sale should not reduce horsebetting opportunities, that the financial interests of both the taxpayers and Racing were safeguarded and that the sale should reduce uncertainty over Tote's future.
French: (5) In order to ensure that Racing will pay a fair price, the UK authorities have instructed an independent consultancy to carry out a valuation of the Tote, including the exclusive licence, on the basis of a well established, commonly-used methodology [2]. According to the UK authorities, the evaluation as well as the sales transaction itself needed to take into account the various objectives pursued by the Government, namely that the Tote was to be sold as a single entity, that the sale should not impede Tote's commercial development, that the sale should not reduce horsebetting opportunities, that the financial interests of both the taxpayers and Racing were safeguarded and that the sale should reduce uncertainty over Tote's future.
Greek: (6) The thus determined "fair value of the Tote to Racing" was estimated by PriceWaterhouseCoopers (in May 2004) as being between […] [3] and […] (or including an increase due to possible synergies: […]). The UK authorities recognised that the market value of the Tote which could be achieved in an open tender would probably be 10-30 % higher (i.e. in the range between […] and […] million, based on a calculation in May 2004). However, there are indications that the market is willing to pay substantially more (i.e. around GBP 500 million).
French: (6) The thus determined "fair value of the Tote to Racing" was estimated by PriceWaterhouseCoopers (in May 2004) as being between […] [3] and […] (or including an increase due to possible synergies: […]). The UK authorities recognised that the market value of the Tote which could be achieved in an open tender would probably be 10-30 % higher (i.e. in the range between […] and […] million, based on a calculation in May 2004). However, there are indications that the market is willing to pay substantially more (i.e. around GBP 500 million).
Greek: (7) For reasons explained in more detail below (cf. para. 21 and 22), the Government plans to sell the Tote to Racing at 50 % of the "fair value" as established by the independent expert in the course of a final valuation nearer the time of the sale. In this context, the UK Government also explained that Racing would not and could not pay the full market value.
French: (7) For reasons explained in more detail below (cf. para. 21 and 22), the Government plans to sell the Tote to Racing at 50 % of the "fair value" as established by the independent expert in the course of a final valuation nearer the time of the sale. In this context, the UK Government also explained that Racing would not and could not pay the full market value.
Greek: III. BACKGROUND INFORMATION
French: III. BACKGROUND INFORMATION
Greek: A. Parties involved in the envisaged transaction
French: A. Parties involved in the envisaged transaction
Greek: 1. The Tote
French: 1. The Tote
Greek: (8) The Tote (Horserace Totalisator Board) was established in 1928 as a statutory corporation with no equity shares (i.e. no owner). Since its inception, the Tote enjoys a legal monopoly for pool betting on horseracing. The purpose of this was to provide punters with an alternative to fixed odds betting and to secure a stable source of income for the British horseracing industry. According to the UK, the Tote was, ever since its establishment, effectively run in the interests of the racing sector. The profits generated by the Tote would not be paid to the Government as dividends but would either remain within the corporation or be distributed on a voluntary basis to the horseracing sector (for instance, in the form of direct payments to racecourses and through a commercial sponsorship programme). Furthermore, the Tote pays, as all other bookmakers, the so-called Horseracing Betting Levy, plus additional contributions as agreed with the Horseracing Levy Board [4].
French: (8) The Tote (Horserace Totalisator Board) was established in 1928 as a statutory corporation with no equity shares (i.e. no owner). Since its inception, the Tote enjoys a legal monopoly for pool betting on horseracing. The purpose of this was to provide punters with an alternative to fixed odds betting and to secure a stable source of income for the British horseracing industry. According to the UK, the Tote was, ever since its establishment, effectively run in the interests of the racing sector. The profits generated by the Tote would not be paid to the Government as dividends but would either remain within the corporation or be distributed on a voluntary basis to the horseracing sector (for instance, in the form of direct payments to racecourses and through a commercial sponsorship programme). Furthermore, the Tote pays, as all other bookmakers, the so-called Horseracing Betting Levy, plus additional contributions as agreed with the Horseracing Levy Board [4].
Greek: (9) In 1961, betting away from racecourses became legalised and licensed betting shops opened throughout the UK. From 1972, the Tote was also allowed to offer fixed-odds bets on horseracing and other sporting events.
French: (9) In 1961, betting away from racecourses became legalised and licensed betting shops opened throughout the UK. From 1972, the Tote was also allowed to offer fixed-odds bets on horseracing and other sporting events.
Greek: (10) Following a recent re-branding, the Tote is operating two divisions: "Totesport" and "Totepool". Totesport represents the Tote's retail, phone and internet businesses. As part of its retail business, the Tote owns 78 betting shops at 47 racecourses and over 450 licensed betting shops in the UK. Totepool comprises the Tote's pool betting business and the retailing of pool betting products on British racecourses [5].
French: (10) Following a recent re-branding, the Tote is operating two divisions: "Totesport" and "Totepool". Totesport represents the Tote's retail, phone and internet businesses. As part of its retail business, the Tote owns 78 betting shops at 47 racecourses and over 450 licensed betting shops in the UK. Totepool comprises the Tote's pool betting business and the retailing of pool betting products on British racecourses [5].
Greek: (11) The Tote generated a turnover (all figures for the year to 31 March 2004) of GBP 1,471 million, a profit before taxation of GBP 11,7 and contributions to Racing of GBP 11,5 million. Pool betting on horseracing, for which the Tote still holds a legal monopoly, accounted in that same period for a turnover of GBP 269 million, approximately 18 % of the total turnover [6].
French: (11) The Tote generated a turnover (all figures for the year to 31 March 2004) of GBP 1,471 million, a profit before taxation of GBP 11,7 and contributions to Racing of GBP 11,5 million. Pool betting on horseracing, for which the Tote still holds a legal monopoly, accounted in that same period for a turnover of GBP 269 million, approximately 18 % of the total turnover [6].
Greek: 2. The Racing consortium
French: 2. The Racing consortium
Greek: (12) The UK authorities envisage selling the Tote to the Racing consortium (or Racing Trust) which comprises representatives of the racing sector. The Racing consortium includes the Racecourse Association (an association of owners and organisers of racecourses that markets the supply of TV pictures and rights), the Racehorse Owners Association (a private company having as its principal activity the promotion and protection of interests of racehorse owners), the Jockey Club (responsible for the governance and regulation of horseracing), the Industry Committee for horseracing (an umbrella organisation comprising representatives from trade bodies for jockeys, trainers, stable lads, bloodstock agents and others) and the British Horseracing Board (BHB). The BHB's main responsibilities include: strategic planning of, and formulating policy for, British horseracing; encouraging the breeding of bloodstock; central marketing and promotion of British racing; controlling the fixture list and race planning. Some of the members of the Racing consortium are represented on the Board of the Tote.
French: (12) The UK authorities envisage selling the Tote to the Racing consortium (or Racing Trust) which comprises representatives of the racing sector. The Racing consortium includes the Racecourse Association (an association of owners and organisers of racecourses that markets the supply of TV pictures and rights), the Racehorse Owners Association (a private company having as its principal activity the promotion and protection of interests of racehorse owners), the Jockey Club (responsible for the governance and regulation of horseracing), the Industry Committee for horseracing (an umbrella organisation comprising representatives from trade bodies for jockeys, trainers, stable lads, bloodstock agents and others) and the British Horseracing Board (BHB). The BHB's main responsibilities include: strategic planning of, and formulating policy for, British horseracing; encouraging the breeding of bloodstock; central marketing and promotion of British racing; controlling the fixture list and race planning. Some of the members of the Racing consortium are represented on the Board of the Tote.
Greek: B. Markets concerned by the envisaged transaction
French: B. Markets concerned by the envisaged transaction
Greek: 1. Betting market
French: 1. Betting market
Greek: (13) Horserace betting is available in most Member States and generally operated by state sponsored or state run exclusive pool betting operators similar to the Tote. In many countries, these systems exist to provide financial support to the horseracing sectors of the respective Member States.
French: (13) Horserace betting is available in most Member States and generally operated by state sponsored or state run exclusive pool betting operators similar to the Tote. In many countries, these systems exist to provide financial support to the horseracing sectors of the respective Member States.
Greek: (14) Horserace betting in the UK can take two distinct forms: pool betting and bookmaking (fixed odds betting). In pool betting, all the stakes on a race are pooled and a deduction is made to cover costs and to allow for a reasonable profit for the betting organiser with nobody knowing the precise return for a given ticket until after the race. The remainder of the pool is then equally divided among the winning tickets. Hence, pool customers bet against each other whereas in fixed-odds betting, customers bet against the bookmaker on the basis of fixed odds set by the betting operator. Whereas pool betting in the UK is at present subject to a statutory monopoly, fixed odds betting is an activity in a fully competitive environment.
French: (14) Horserace betting in the UK can take two distinct forms: pool betting and bookmaking (fixed odds betting). In pool betting, all the stakes on a race are pooled and a deduction is made to cover costs and to allow for a reasonable profit for the betting organiser with nobody knowing the precise return for a given ticket until after the race. The remainder of the pool is then equally divided among the winning tickets. Hence, pool customers bet against each other whereas in fixed-odds betting, customers bet against the bookmaker on the basis of fixed odds set by the betting operator. Whereas pool betting in the UK is at present subject to a statutory monopoly, fixed odds betting is an activity in a fully competitive environment.
Greek: (15) Bookmakers operate at horse racecourses, through licensed betting offices, over the telephone and through the Internet. Five companies account for around two thirds of betting turnover — Ladbrokes (26 % of off-course turnover), William Hill (22 %), Coral (12 %), Stanley Racing (6 %) and the Tote (2 %). A number of companies, known as betting exchanges, also offer services over the Internet where consumers can accept and offer bets on horseracing. The largest of these companies is "Betfair" [7].
French: (15) Bookmakers operate at horse racecourses, through licensed betting offices, over the telephone and through the Internet. Five companies account for around two thirds of betting turnover — Ladbrokes (26 % of off-course turnover), William Hill (22 %), Coral (12 %), Stanley Racing (6 %) and the Tote (2 %). A number of companies, known as betting exchanges, also offer services over the Internet where consumers can accept and offer bets on horseracing. The largest of these companies is "Betfair" [7].
Greek: 2. The racing sector
French: 2. The racing sector
Greek: (16) The racing sector comprises various commercial activities and markets like the organisation of racecourses, an important spectator sport in the UK with more than five million people attending races every year. There are 59 horse racecourses in Great Britain where the British Horseracing Board runs races. Half of these race courses are managed by three large groups: Northern Racing Ltd, Arena Leisure Plc and The Jockey Club (through their subsidiary, the Racecourse Holdings Trust). The remaining courses are owned independently [8].
French: (16) The racing sector comprises various commercial activities and markets like the organisation of racecourses, an important spectator sport in the UK with more than five million people attending races every year. There are 59 horse racecourses in Great Britain where the British Horseracing Board runs races. Half of these race courses are managed by three large groups: Northern Racing Ltd, Arena Leisure Plc and The Jockey Club (through their subsidiary, the Racecourse Holdings Trust). The remaining courses are owned independently [8].
Greek: (17) Another important activity of the racing sector is horsebreeding. There are several thousands thoroughbred breeders in the UK, though only a fraction of these, about 350, are engaged full time. The principal firms involved in the sale of horses at auction are Tattersalls and Doncaster Bloodstock Sales, which together accounted for over 95 % of the market in 1999 [9].
French: (17) Another important activity of the racing sector is horsebreeding. There are several thousands thoroughbred breeders in the UK, though only a fraction of these, about 350, are engaged full time. The principal firms involved in the sale of horses at auction are Tattersalls and Doncaster Bloodstock Sales, which together accounted for over 95 % of the market in 1999 [9].
Greek: (18) Further commercial activities in the racing sector consist of the supply of TV pictures/TV rights, horseracing being an important televised sport in the UK. The racing sector also supplies pre-race data which include data for each race, names of riders and horses running in specific races. Bookmakers need this data to take bets on races and broadcasters use it to prepare their horseracing programmes. All players which are part of the Racing consortium are important constituents of the racing sector.
French: (18) Further commercial activities in the racing sector consist of the supply of TV pictures/TV rights, horseracing being an important televised sport in the UK. The racing sector also supplies pre-race data which include data for each race, names of riders and horses running in specific races. Bookmakers need this data to take bets on races and broadcasters use it to prepare their horseracing programmes. All players which are part of the Racing consortium are important constituents of the racing sector.
Greek: (19) The Racing sector receives financial support through the Horserace Betting Levy Board ("Levy Board"). The Levy Board has the responsibility of collecting the betting levy from bookmakers and Tote and to apply the funds to the improvement of horseracing, improvement of breeds of horses as well as the advancement of veterinary science or veterinary education. In the context of the current reform plans, the levy system would be abolished and replaced by income from commercial sources [10]. In addition, the racing sector benefited from voluntary contributions made by the Tote, in particular in the form of sponsorships.
French: (19) The Racing sector receives financial support through the Horserace Betting Levy Board ("Levy Board"). The Levy Board has the responsibility of collecting the betting levy from bookmakers and Tote and to apply the funds to the improvement of horseracing, improvement of breeds of horses as well as the advancement of veterinary science or veterinary education. In the context of the current reform plans, the levy system would be abolished and replaced by income from commercial sources [10]. In addition, the racing sector benefited from voluntary contributions made by the Tote, in particular in the form of sponsorships.
Greek: IV. OBSERVATIONS MADE BY THE UK GOVERNMENT AS WELL AS THIRD PARTIES
French: IV. OBSERVATIONS MADE BY THE UK GOVERNMENT AS WELL AS THIRD PARTIES
Greek: A. Arguments brought forward by the UK Government maintaining that the envisaged sales transaction should be deemed compatible with the EC Treaty
French: A. Arguments brought forward by the UK Government maintaining that the envisaged sales transaction should be deemed compatible with the EC Treaty
Greek: 1. The envisaged sales transaction does not involve State aid to Racing
French: 1. The envisaged sales transaction does not involve State aid to Racing
Greek: (20) The UK authorities are of the opinion that the envisaged sales transaction does not involve State aid, and, as a subsidiary line of argument, even if there was aid, the aid should be deemed compatible.
French: (20) The UK authorities are of the opinion that the envisaged sales transaction does not involve State aid, and, as a subsidiary line of argument, even if there was aid, the aid should be deemed compatible.
Greek: (21) In the notification of May 2004, the UK authorities argued that the closed sale to Racing for a monetary consideration representing 50 % of the Tote's "fair value to Racing" reflected the government's recognition of the racing industry's stake in the Tote [11]. Such a split would also avoid potential subsequent litigation if the Tote were not sold to Racing.
French: (21) In the notification of May 2004, the UK authorities argued that the closed sale to Racing for a monetary consideration representing 50 % of the Tote's "fair value to Racing" reflected the government's recognition of the racing industry's stake in the Tote [11]. Such a split would also avoid potential subsequent litigation if the Tote were not sold to Racing.
Greek: (22) In its latest submission of March 2005, however, the UK Government clarified that, in its view, Racing was unlikely to sustain a successful proprietary claim in the Tote in private or public law. However, the UK Government maintains that — even in the absence of a legally enforceable claim — the racing industry had a legitimate interest in the Tote. In the absence of any other logic, it was only equitable to settle that interest by a "50:50 split".
French: (22) In its latest submission of March 2005, however, the UK Government clarified that, in its view, Racing was unlikely to sustain a successful proprietary claim in the Tote in private or public law. However, the UK Government maintains that — even in the absence of a legally enforceable claim — the racing industry had a legitimate interest in the Tote. In the absence of any other logic, it was only equitable to settle that interest by a "50:50 split".