BETTING SOUTH AFRICA Betfred bid for bankrupt Phumelela refused 4 years ago Samuel Post Views: 664 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 ONLINE SOUTH AFRICA SOFTSWISS unveils South African iGaming market overview 22 hours ago Samuel BETTING BURUNDI 1xBet supported women with albinism in Burundi 4 days ago Tools BETTING NIGERIA PalmPay And BetKing Promote Responsible Gaming In Nigeria 4 days ago Samuel BETTING SIERRA LEONE Sierra Leone welcomes betPawa 4 days ago Samuel BETTING GHANA The captivating world of sports betting in Africa 5 days ago Samuel ONLINE SOUTH AFRICA WA.Technology Unveils Next-Gen iGaming Solutions at BiG Africa Summit 2024 5 days ago Szarlot BETTING IVORY COAST FL Entertainment eyes further African growth after revenue jump 6 days ago Samuel BETTING NIGERIA Should sports betting be banned or regulated? 7 days ago Szarlot EXPERTS SOUTH AFRICA SiGMA Africa 2024: Reshaping South Africa’s igaming landscape 7 days ago Samuel EXPERTS SOUTH AFRICA SiGMA Africa 2024: Explore SiGMA’s Cape Town summit 1 week ago Iwo Bulski EXPERTS SOUTH AFRICA EGT Digital to showcase slots, instant games and betting platform in SIGMA Africa 1 week ago Iwo Bulski BETTING SENEGAL GR8 Tech partners with Mojabet 1 week 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.