BETTING SOUTH AFRICA Betfred bid for bankrupt Phumelela refused 2 years ago Samuel Post Views: 582 Betfred is reported to have been rejected in its last-minute attempt to acquire bankrupt South African heritage wagering and racetrack operator Phumelela Gaming & Leisure. South African racing news sources reported that Phumelela’s bankruptcy auditor refused to review Betfred’s ZAR 900 million (€45m) counteroffer submitted at the end of August as Phumelela closed its window for rescue proposals. Stating its intent to acquire Phumelela outright, Betfred tabled a rescue package at double the value of Phumelela’s only alternative a ZAR 500 million (€26m) deal offered by ‘Mary Oppenheimer Daughters’ (MOD) – the private investment fund of Mary Oppenheimer-Slack and her daughter Jessica Jell, members of South Africa’s richest mining family. Betfred’s significantly larger proposal underlined that the UK bookmaker would pay off Phumelela’s ZAR 677 million debtors instantly, whilst maintaining all of the firm’s staff for an intended overhaul of the South African operator’s racetrack properties which would be upgraded to its Tote wagering systems. On Tuesday, Phumelela’s auditor closed its hearings, declaring MOD as the firm’s preferred rescue plan and postponing all options to investigate further investment opportunities. The auditor defended MOD’s original proposal, stating that its offer had previously secured an outright backing by Phumelela creditors and that Betfred had merely stated its intentions to acquire Phumelela but had not submitted a legally binding proposal. Oppenheimer’s MOD fund had been registered as one of Phumelela’s creditors having issued the company a ZAR 100 million loan at the start of the coronavirus pandemic. Under MOD’s rescue plan, the Oppenheimer family will pay ZAR 480 million to acquire Phumelela’s racetrack and broadcast properties, separating the assets from the firm’s leisure and property holdings. MOD will also launch a ‘post-conflict-fund’ of ZAR 550 million, guaranteeing a payment plan for the company’s existing creditors which currently total a combined ZAR 1.17 billion (€55m). Source: sbcnews.co.uk About Post Author Samuel I am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. See author's posts SamuelI am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. Facebook Twitter LinkedIn Email Print Tags: Betfred, horse racing, Phumelela, South Africa Continue Reading Previous Fsb extends online sportsbook deal with BetLion in AfricaNext Most popular horse racing betting facilities in Africa More Stories BETTING GHANA Why Ghana Must Widen the Distance Between Sports Betting and Education Centres 3 days ago Szarlot BETTING WORLD NEWS 1xBet Statement: Curaçao License is Valid and Fully Operational 3 days ago Iwo Bulski BETTING GHANA How to bet on sports responsibly? 3 days ago Szarlot BETTING UGANDA Up To 20 Arsenal Fans Arrested Over Trophy Parade In Uganda 4 days ago Samuel BETTING NIGERIA 13 players win over N160m via BetKing’s ACCA 4 days ago Szarlot BETTING GHANA GFA urged to ban sports betting in Ghana Premier League 5 days ago Samuel EXPERTS SOUTH AFRICA The Gambling Laws of South Africa 5 days ago Szarlot BETTING HOT NEWS WORLD NEWS 1XBet declares bankruptcy 6 days ago Iwo Bulski BETTING KENYA Bangbet Review: Everything You Need to Know 6 days ago Szarlot BETTING KENYA Which way for betting tax as bill up for debate? 6 days ago Szarlot BETTING KENYA Protected: Kenya: How Betway and SportyBet evaded billions in taxes 7 days ago Szarlot BETTING KENYA Altenar details global expansion plans 7 days ago Samuel Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.