PREMIUM!

Oppenheimers crack nod to take over Phumelela racing interests

Racing News 6 months ago

Mary Oppenheimer and Daughters (MOD) will take over the racing interests of South Africa’s largest turf operator and betting company Phumelela – in effect securing the immediate future of racing in the country.


01 Sep 2020
PREMIUM!
Oppenheimers crack nod to take over Phumelela racing interests

Picture for illustration purposes: iStock

Creditors of the stricken Phumelela voted overwhelmingly in favour of the Phumelela Business Rescue Practitioner (BRP) Plan at a special meeting on Tuesday 1 September. There were fears that the meeting would be postponed after British bookmaking firm Betfred submitted a rival offer to creditors and the BRP and KwaZulu-Natal operator Gold Circle launched an urgent court action over the ownership of Phumelela Gold International, in which it holds a share. However, the South Gauteng High Court dismissed the Gold Circle bid and creditors shrugged off last-minute appeals from various quarters on behalf of the Betfred bid. MOD prevailed by...

BACK TO CITIZEN BACK TO PREMIUM





today in print