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SA Racing – Restructure On The Cards

Conceptual at this stage

Phumelela Gaming & Leisure Limited have issued a general update following a meeting of the board of directors on 12 July 2018.

The board of directors of Phumelela advises that it has engaged in initial conceptual discussions with stakeholders of thoroughbred horses and breeders and the Thoroughbred Trust with regards to the administration of horseracing in South Africa and tote betting, which if successful, could result in a change in ownership of the administration of horseracing and/or tote betting and /or the restructure thereof.

The Restructure is conceptual at this stage, is very complex and will require numerous approvals and engagement with many industry participants and regulatory bodies.

A further announcement will be made if it becomes likely that agreement can be reached between the relevant parties, which given the complexity and the number of stakeholders involved, is expected to be after approximately 3 months.

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14 comments on “SA Racing – Restructure On The Cards

  1. Gordon Davison says:

    3 months ? Ha! You could n’t make it up.

  2. Animal Love says:

    You have to ask why Phumelela is looking to do a deal only with horse racing industry players and why it is not looking elsewhere.

  3. JessK says:

    Phumelela has been trying to wriggle out of it’s obligations towards local horseracing for a while now. One has to wonder who are the stakeholders that Phumelela has been engaged in discussions which according to this statement all accounts these discussions have already begun. Wonder why the RA has not communicated anything to it’s members/owners ?

  4. Robert says:

    You guys will complain about everything you want change and when it’s on the cards you question that too please find another sport to follow you are ridiculous.

  5. hanif manjoo says:

    The only option remains; revert to sect. 21 n open membership to all n sundry as was decided by GGB during my stint n subsequently shot down by then MEC Jabu Molekethi.
    I was offered a bribe not to oppose corporatisation.
    The birds are coming home to roost. ..?

  6. Jurgs says:

    What exactly are Phumelela saying here? It is all very vague. I find it very disconcerting that Phumelela choose to ignore the racing community and break this news on the financial front. Why do we have no sight of what the plans for racing are, as they will affect all of us? Robert perhaps you can enlighten us seeing that you are so supportive of these in the dark moves.

  7. Ian says:

    You are clearly one of those that easily have the “wool pulled over their eyes” . Phumelela would NEVER propose any changes unless it directly benefitted their bottom line. It will come out in due course what their real motive is – as far as I am concerned they do not have the interests of the industry and stakeholders in general at heart. Smell the coffee!!

  8. JessK says:

    Robert, there is nothing wrong with criticism including yours of my and others like me’s comments.
    For criticism to have any justification, it needs to be sound and reasoned. Sadly, your criticism has no foundation and shows a clear lack of insight.
    Some racing people have been campaigning for change for over a decade. If you took the time to read anything that guys like me have written you will see that we believe that horse racing needs major changes ie. an overhaul.
    At this stage Phumelela has not given any indication of the restructure it proposes. It speaks for itself that, unless you have inside knowledge, you and I do not know the type of change envisaged and whether it will be for the betterment of horseracing.
    At least I can criticize based on past performance of Phumelela and its management. You just criticize for the sake of it and your own personal satisfaction.
    One thing is for certain, any restructuring which Phumelela wants is not for improving or bettering horse racing, it is for the benefit of its shareholders and directors.

  9. Ian Jayes says:

    Horseracing is so desperately in need of an overhaul. We originally proposed a 15% takeout of turnover: 5% to stakes, 5% racetracks and training centres (Clubs) and 5% tax. We were paying around 16% tax at the time and the takeout was 25%. Phumelela pays Round 4% tax and the takeout is still 25%. So much for corporatisation. It would be interesting to see how the remaining 21% portion after tax is being applied. What percentage of turnover is going to stakes, what percentage is used for transport, training centres and racecourse maintenance.

  10. Pops says:

    Could this have anything to do with the PP and her men in white coats calling on Phumelela ?

  11. Mrs Pamela Anderson says:

    What will happen to pensioners of the racing industry?? Tab and Turffontein racecourse??

  12. JessK says:

    So, if they (Phumelela) are talking to the RA (Larry Wainstein), Kenilworth Racing (Chris van Niekerk) and the NHA (Lyndon Barends), they actually talking among themselves.

  13. Chris Sturdy says:

    Sounds like the start of “Goodbye Phumelela” and “Hello Phumelela Lite”

  14. Roderick Mattheyse says:

    Here is one for the conspiracy theorists:

    Is Phumelela’s dismal record in getting bookmakers to contribute more, and inability to protect the tote product by design? They seem destined to be bookmakers and broadcasters, and would hardly want to make unnecessary contributions.

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