Hungarian national asset manager MNV Zrt has declared failure in a tender to sell off two state-owned firms responsible for managing horseracing in Budapest.

According to Gazdasági Rádió, only one offer was submitted for race organizer Nemzeti Lóverseny Kft (NL Kft) and Magyar Lóversenyfogadást Szervező Kft (MLSz Kft), which handles betting related to the races.

The bid was rejected as it was lower than the value of the companies' assets, MNV spokesman Gábor Száraz said, while declining to say what the companies are thought to be worth.

The failed privatization offer was for 100% of both firms, which would have a concession lasting 20 years mandating at least Ft 500 million (roughly €2 million) in concession fees to the state annually.

NL Kft lost just shy of Ft 1 billion last year, compared to losses of Ft 770 million in 2006, while its sister company's losses totaled Ft 40 million in 2007, up from Ft 5 million the year previously.

Száraz went on to say that the companies could be the subject of another sale tender, but that other options exist.