Following on from previous announcements regarding the proposed transactions involving Kenilworth Racing (Pty) Ltd (“KR”) and Gregory Bortz’s investment vehicle, GMB Investment (Pty) Ltd (“GMB”), KR is pleased to announce that all the necessary agreements between GMB and KR have been successfully concluded.
This has enabled the flow of funding from GMB to sustain the amazing sport of horse racing in the Western Cape and more importantly puts KR in a safe, stable position going forward.
Greg Bortz – dynamic new Chairman leading the way
Over the past three months there have been numerous positive changes effected at KR. The tremendous sponsorship from Hollywoodbets, together with the GMB capital infusion, and most importantly the additions to the management team, has raised the racing experience on course beyond expectations.
The influx of horses, trainers, grooms and owners bears testament to the innovative racing initiatives designed to attract the best to compete for the sizable prize money on offer in the Cape Summer Season. KR looks forward to exciting racing events throughout the summer.
This current positive environment did not seem possible a few years back.
After Phumulela’s filing for business rescue, it did not appear likely that KR would survive. It took tireless, thankless work and efforts from the KR board and management to navigate those choppy waters.
Board members who were part of that journey deserve a specific mention for getting the business to this point. Were it not for their efforts, there would not have been a business for GMB (and in the future, post the necessary regulatory consents, Hollywoodbets) to save.
So with the safety of KR secured, the changing of the guard is inevitable and so too the KR Board construct.
To ensure a seamless transition to build the momentum created in the Western Cape, Bradley Ralph will step down as Chairman of KR and hand over the reins to Greg Bortz as the incoming Chairman.
Bradley has committed more than just his time and emotional energy to ensuring the survival of KR and we would like to thank him for his service on the board and thankless devotion and effort over the past four years, of which the last two were as Chair.
Added Greg Bortz, “It has been an absolute pleasure working with Brad over the past few months. His calm demeanour, comprehensive knowledge and love of racing are just some of the reasons why KR was able to survive the last few years, despite the most challenging of environments. KR as a whole, and myself personally, look forward to maintaining our deep ties and friendship with Brad.”
KR wishes Brad all the best with his future endeavours and looks forward to welcoming him back to Hollywoodbets Kenilworth and Hollywoodbets Durbanville frequently.
- Media release by Kenilworth Racing on 18 October 2022
