Death of horse racing in SA? Phumelela Gaming enters business rescue
JOHANNESBURG – South Africa’s Phumelela Gaming and Leisure on Friday joined a slew of distressed firms to file for business rescue – a local form of bankruptcy protection – after a nationwide lockdown suspended activities in the horse racing industry.
Phumelela, of which former Steinhoff International CEO Markus Jooste was a director and among its largest shareholders, has not been able to stage race meetings since the end of March due to the lockdown.
This has hurt its revenue from racing and betting, the company said in statement.
Source: iol.co.za