Betfred has offered the racing industry a say over the future running of the Tote by proposing to form an advisory committee including members from the sport's governing bodies.

The Warrington-based bookmaker, owned by brothers Fred and Peter Done, is currently in a two horse race against Sports Investment Partners to buy the Tote. A decision on the sale is expected this week.

In a letter to MPs, Betfred said it would create a Tote Racing Development Board if its £200m bid was successful.

Chaired by Barry Nightingale, chief financial officer of Betfred, the new board would comprise senior executives from the major racecourse groups, an elected representative for the independent courses and the Tote's director of racing.

Betfred said the board would be key to decision making at the Wigan-based Tote in the UK and internationally.

The new board will be seen as a move to win the backing of racing industry groups, who have previously said they supported the rival SIP bid, which included a pledge to put a representative from the sport on the Tote's board.

Mr Nightingale said: "This new body gives racing a direct voice at the table to influence the commercialisation and development of the Tote and will also enable Betfred to benefit from the experience and knowledge of those who run the racecourses.

“It will be a tight forum for decision making and, consistent with our overall strategy for the Tote and for racing, it aligns common interests.

“In conjunction with our commitment of £120m to racing over 7 years, we believe this new board will provide the leadership to strengthen UK racing significantly, and support growth and jobs.”

In the letter, Betfred criticised the SIP bid for containing 'smoke-and-mirror promises' and said SIPs plans could threaten Tote staff's job security.

It also questioned whether SIP's offer to pay the sport £11m a year in perpetuity was realistic, given that the Tote only has an exclusive licence to take bets on courses for seven more years.