KZN racing rescue plan gets the green light

Gold Circle’s board of directors has given the go-ahead to a deal to save racing in KwaZulu-Natal.

The R500-million rescue was proposed by Hollywood Sportsbook and investment banker Greg Bortz in April – with them acquiring all the shares of debt-stricken Gold Circle.

It is a very similar arrangement to that in Western Cape, where Hollywood and Bortz bailed out Kenilworth Racing, made huge capital investments and completely revamped the operation – to universal approval and acclaim in the industry.

Seeking approval

A special general meeting of Gold Circle Racing Club members took place this week and the members voted in favour of the “capital contribution and share sale agreement”.

The parties are now seeking approval from the Competition Commission and the KwaZulu-Natal Gaming and Betting Board.

Sadha Naidoo, chairman of Gold Circle, commented: “We are delighted that members have approved this transaction that will secure horse racing in the province for at least the next five years and that the many stakeholders who rely on this very important industry will continue to be supported through this decision.”

Hollywoodbets CEO Suren Rampersadh responded: “We take this opportunity to express appreciation to the members of Gold Circle Racing Club and to all stakeholders for their confidence in Hollywoodbets by supporting this acquisition.

“We are fully committed to securing the future of the horse racing industry in KwaZulu-Natal. Horse racing has found itself in the doldrums for a number of years and its rebirth is long overdue.

“Under the leadership of chairman designate Greg Bortz, we are confident that the transformation being experienced in the Western Cape will be replicated on the east coast.”