Despite optimism from some quarters after Sunday evening’s national address by President Cyril Ramaphosa, the NHA has confirmed that there is as yet no confirmation from Government that racing will proceed any time soon.
But the Sporting Post has had site of the draft level 3 regulations today (Tuesday) which indicate a definite flicker of hope for racing in that professional non-contact sports matches are permitted with limited support personnel.
The still to be gazetted regulations also refer to the opening of venues for training of professional athletes and professional non-contact sports matches.
Meanwhile, the Daily Maverick has reported that Phumelela Business Rescue Specialist John Evans held the first meeting with Phumelela creditors last Friday.
This is required by the Companies Act 10 days after his appointment as the business rescue practitioner.
At the meeting, he told creditors, who have claims of about R700-million (early estimates) against Phumelela, that the company has reasonable prospects of rescue.
This is because Phumelela’s suppliers have agreed to continue supplying the company while it’s being restructured.
A business rescue plan was meant to be published on 15 June but Evans has asked for an extension to 31 August because Phumelela is a “complex business and a review [of its operations] will take some time”.
Creditors are yet to formally vote on whether the plan’s publication should be extended.
The business rescue proceedings cannot be protracted because the R100-million lifeline, which was thrown to Phumelela by the Oppenheimer family to stabilise the company, could be depleted within “three to six months”, according to Evans.
Of the R100-million from Mary Oppenheimer Daughters, the family office for Mary Slack, daughter of the late mining magnate Harry Oppenheimer, Evans and his team has drawn down R20-million to fund Phumelela operations.
The next drawdown will be in July.
The grant has not prevented Phumelela from furloughing about 85% of its 1600-strong workforce from May because the company is not generating revenue.
- www.dailymaverick.co.za – additional reporting by SP Editorial Staff