BETTING SOUTH AFRICA Phumelela ‘business rescue plan’ mulls sale of race betting ops 4 years ago Samuel Post Views: 496 South African race and sports betting operator Phumelela Gaming & Leisure plans to sell its horseracing business as part of the bankrupt company’s financial rescue plan. On Wednesday, Phumelela published its official business rescue proposal, which aims to pull the struggling company out of the financial hole that led to its filing for bankruptcy protection in May. The company endured the “worst year” in its 22-year history following regulatory changes that eliminates its share of betting winning levies in Gauteng province, a situation that worsened when COVID-19 shut down racing both locally and around the world. The most dramatic elements of Phumelela’s plan include the sale of “the Horse Racing Business and assets” (which include four South African racetracks), the company’s retail and online race and sports betting subsidiary Betting World, and Phumelela Gold International, the company’s share of the Premier Gateway International joint venture with Australian bookmakers Tabcorp. Phumelela claims to have secured deals to sell the above assets, but didn’t identify the purchaser. Earlier this month, reports circulated that UK bookmaker Betfred, which has a lengthy history of race betting involvement, was the likely buyer. Betfred has yet to comment on these reports. The rescue plan requires 75% of creditors to approve the rescue following a meeting on September 1. The lengthy list of creditors includes other racing operators with which Phumelela pooled betting liquidity, including the Hong Kong Jockey Club, France’s PMU, the Singapore Turf Club, Tabcorp and the UK Tote. The king of Saudi Arabia makes a minor appearance, which is probably better than the Crown Prince, who doesn’t strike one as the forgiving sort. In May, Phumelela got a R100m (US$5.4m) financial lifeline from one of its largest creditors, Mary Oppenheimer Daughters (MOD), which is operated by South Africa’s richest family. On Wednesday, Phumelela said MOD had agreed to provide additional bridge financing of R550m in three equal tranches, subject to approval of the rescue plan. Source: calvinaire.com 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: horse racing, Phumelela, sports betting Continue Reading Previous The Status of Online Gambling Market in KenyaNext ICE Africa Goes Digital More Stories ONLINE SOUTH AFRICA SOFTSWISS Unveils South African iGaming Market Overview 2 hours ago Szarlot ONLINE SOUTH AFRICA SA Gaming Offers Premium Live Games 2 hours ago Iwo Bulski BETTING KENYA University student hangs self after losing KSh15,000 school fees to betting 2 hours ago Samuel BETTING KENYA Bangbet Charges Ahead with Renewed Sponsorship for Josiah Kariuki 2 hours ago Samuel BETTING SOUTH AFRICA Nolimit City Celebrates South Africa Debut 1 day ago Samuel ONLINE SOUTH AFRICA Top Betting Sites in South Africa Featuring the Aviator Crash Game 1 day ago Szarlot BETTING GR8 Tech enters long-term partnership with Mojabet 1 day ago Szarlot EXPERTS SOUTH AFRICA The BiG Africa Summit 2024: Day Two Recap 2 days ago Iwo Bulski ONLINE SOUTH AFRICA Nolimit City launches in South Africa 2 days ago Samuel BETTING KENYA Odibets unveils Sh5m sponsorship for Kenya Women 3X3 basketball team 3 days ago Szarlot HOT NEWS ONLINE SOUTH AFRICA South Africa’s online casino industry in 2024 4 days ago Samuel ONLINE SOUTH AFRICA Analysis Of Land-Casinos and Online Casinos in South Africa 4 days ago Szarlot 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.