After months of uncertainty, the ownership of Britain's national lottery operator, Camelot, has been settled in a GBP 389 million deal with the Ontario Teachers' Pension Plan.

The agreement will now go before the National Lottery Commission for final approval.

Lee Sienna, vice president of the Canadian fund said this week: "Camelot is a world-class lottery business with substantial opportunities to grow both domestically and internationally."

Camelot has been running the National Lottery since it began in 1994. In 2009 it was awarded a third licence which is set to run for a further decade. The Lottery has raised more than GBP 24 billion for heritage and educational schemes over the last 16 years, and Camelot chief executive Dianne Thompson said she hoped even more funding could be secured in the future.

"We welcome Teachers' commitment to the National Lottery's ongoing success," she said, adding that Camelot was looking forward "...to the opportunity of working with them to continue our progress in developing the business and delivering even more money for good causes".

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