South Africa’s richest family gives horseracing a lifeline
JOHANNESBURG – South Africa’s fastest horses may not be racing, but a branch of the country’s richest family is pumping money into the industry so that when punters are allowed to return to the track, there will be horses to bet on.
Phumelela Gaming & Leisure Ltd., the nation’s biggest horseracing company, will be receiving a 100 million-rand ($5.5 million) lifeline from Mary Oppenheimer Daughters Pty Ltd. after the racetrack owner filed for a local form of bankruptcy protection.
The failure of Phumelela would have a devastating effect on the industry, and the funds are an attempt to save the sector, Wehann Smith, a board member of Mary Oppenheimer Daughters and a director of the Racing Association, told Johannesburg-based Business Day newspaper.
Source: iol.co.za
