Former Rank and Ladbrokes chief executive and managing director of William Hill, Mike Smith, has been appointed the new chair of the Tote, the state-owned bookmaker.

Minister for Sport Gerry Sutcliffe, announcing the appointment, said Smith would take up the post on 1 July for a three year term, or until the Tote is sold.

“I will prioritise getting to know all the staff at Tote HQ in Wigan in the coming weeks," said Smith. "We all recognise the need to bring certainty to the Tote’s future as quickly as possible.”

In March 2008 the Government announced its intention to prepare the state-owned Tote for an open market sale, thus ending its exclusive negotiations with racing.

Goldman Sachs recently submitted an initial report to the DCMS, detailing the options for the sale of the Tote. Ministers are now considering those options and will take a decision on the next steps "in due course".

The sale of the Tote is part of the government’s wider policy of ending its direct involvement in the administration and financing of horseracing.