Michael Tabor has acquired ownership of the BetVictor bookmaking firm for an undisclosed sum following a restructuring of the Gibraltar-based operation's holding company.

Victor Chandler, who has led the group since its incorporation, is to step down as chairman but will continue to serve as a consultant.

A partner in Coolmore, Tabor made his fortune when he sold the Arthur Prince chain of betting shops to Coral for a reported STG27 million in 1995, and was a founding shareholder in BetVictor.

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.

The changes have received in principle regulatory approval from the Gibraltar Gambling Licensing Authority.

"I believe the BetVictor brand has enormous potential and is well placed to continue its expansion with further investment and strategic development," Tabor said.