Gold Circle Chairman Neil Butcher has told members that the racing operator will incur substantial losses for this financial year as well as the year ending 31 July 2021.
He writes that the wider ramifications of Covid-19 are now becoming apparent and it is extremely difficult to make reliable predictions.
Neil Butcher centre, seen with Martin Collins & Graeme Hawkins
“The aftermath of the pandemic is yet to transpire and be fully understood, but it is somewhat evident that until an effective vaccine or treatment is discovered and available globally, social behaviour will change,” he adds.
Butcher confirms that large gatherings will become more controlled and human interactions altered at least for the foreseeable future
He assures that throughout this crisis, Gold Circle will remain true to its purpose and will continue to do its utmost to sustain and promote the sport of horseracing.
“Management has implemented financial strategies to limit the damage. Large sacrifices are being made by all the stake holders within the industry. Racing has been permitted to keep training centres open and has invoked lockdown procedures to protect those involved in caring for our racehorses.”
Gold Circle HQ – Hollywoodbets Greyville (Pic – Candiese Lenferna)
He confirmed the postponement of the SA Champions Season and said that an application was being made to the authorities to resume racing behind closed doors at the earliest opportunity. “We are in constant contact with industry leaders to discuss our future and the inevitable attrition that will follow this unprecedented pandemic.”
Butcher went on to say that it would be remiss of him not to thank their partners Hollywoodbets.
“While facing similar challenges, they have come forward generously to alleviate our cash flow problems. This has allowed us the freedom to await authorisation from our members through a Special General Meeting to release the necessary funds to cover these inexorable losses, and to approve our plans for the future.”
In closing he thanked the Gold Circle executive team, management and staff on behalf of members, for their dedication and hard work during these trying times.
“I wish you all, your families and friends, safe passage and hope that we will all meet at the races.”
