The Gold Circle Board Deserves More Credit

History tells a story

Being a racehorse breeder I find myself totally reliant on racing in South Africa being a success, and in so saying, I read all things racing and participate where I can.

Lorraine de Klerk writes in the Sporting Post Mailbag that she considers herself an avid racegoer and active member of Gold Circle – one of only 910 members.

Having read a comment recently in the Sporting Post –

“giving the same people who blew R250 m another R200 m is madness”

I find it impossible not to comment!

It took me a click of a button to easily access the last 10 Annual (audited) Gold Circle reports from their web page.

They begin with an easy to understand summary given by the Chairman.

Glancing through a few you fall so easily across the following facts and figures pertaining to the Clairwood sale and the proceeds thereof.

For ease of reference, here are a few :

  • 2011    

Gold Circle Board under the Chairmanship Robert Mauvis (auditors KPMG)

Clairwood sold for R 430 million

  • 2012 – 2013      

Clairwood rented for R 4.7 million

  • 2012      

August, funds received – R 200 million rand of this will be ring-fenced in accorandance with Members Resolution

Stakes paid to owners R 73 million

Purchase of 550 new tote terminals – major upgrade

Demerger from Western Cape racing at a cost of R 7.3 million

International income generated through the sale of SA Racing overseas (managed by Phumelela) R 21.4 million

  • 2013   

Gold Circle profit before taxation R 8.8 million

Stakes paid to owners R 87.1 million

  • 2012 – 2014   

Capital cost of planning, development and construction of 500 stables, accommodation, moving equipment, horses etc and upgrade of facilities including synethic track at Summerveld – R 165 million

  • 2013    

Grooms accommodation offered at Ashburton & Summerveld to grooms at no cost. All water, electricity and maintenance is carried by Gold Circle

  • 2014      

July, last race meeting at Clairwood

  • 2014      

June, 1st race meeting on Greyville Polytrack

  • 2014     

Decisions made by the Tellytrack Board with regard to broadcast product pricing brought about R 90 million negative variance to Gold Circle income

Sports Betting & numbers increase

Stakes paid to owners R 93.3 million

Upgrade to Durban View Room

Move and upgrade bookmakers to undercover area

Construction of Lightning Shot Bar at Greyville

Chairman included a detailed report on the bookmakers dispute with Tellytrack

  • 2015 

Tellytrack income down 19 %

Installation and upgrade of large screen TV’s at Greyville

Stakes paid to owners R 93.5 (same as 2014)

  • 2016     

Gold Circle Board under the Chairmanship of Phumela Mnganga (auditors remain KPMG)

Stakes paid to owners R 109.3 million – 17 % increase

Tote income decrease by 3.4 %

During Champion’s Season 2000 horses stabled between the two centres

  • 2017     

Stakes paid to owners R 105.4 – down 3.6 % due to decrease in number of races

  • 2018   

Greyville Convention Centre generated income approx. R 11 million

Stakes paid to owners R 110.8 million

  • 2019      

Stakes paid to owners R 114.8 million

Greyville Convention Centre generated income R 10.8 million

Fitting of solar panels to Greyville stadium roof

Upgrade to Saddlers Arms and total makeover of the Short Head punters facilities

Total Gold Circle assets = R 893 million (liabilities R 203 million)

I understand a lot of people refer back historically to racing in the by-gone era of Champagne & Roses and it is a lovely memory.

The questions posed as to why there aren’t more people at racing have lost all impetus when reflecting on sport worldwide and the television coverage thereof together with the dip in the economy.

Also a fact so many miss is that ‘in the old days’ before casinos and numbers betting and sports betting and lottos, racing owned the lions share of the gambling rand. Now however racing owns only 0.06 %  of that same gambling rand.

In these hard and unprecedented times the positive is our life boat…

How wonderful is it that we have a polytrack to race on during incliment weather?

How wonderful is it that we have the facilities to host visiting trainers during the Champion Season?

How wonderful is it that the current management moved with the times selling the naming rights of our stadium and securing the sponsorship of Hollywood Bets?

How wonderful is it that we now have money set aside for that tragedy or disaster often referred to as a rainy day?

I am proud of the board, both past and present!

  • Pics – Hollywoodbets Greyville by Candiese Lenferna

Have Your Say - *Please Use Your Name & Surname

Comments Policy
The Sporting Post encourages readers to comment in the spirit of enlightening the topic being discussed, to add opinions or correct errors. All posts are accepted on the condition that the Sporting Post can at any time alter, correct or remove comments, either partially or entirely.

All posters are required to post under their actual name and surname – no anonymous posts or use of pseudonyms will be accepted. You can adjust your display name on your account page or to send corrections privately to the EditorThe Sporting Post will not publish comments submitted anonymously or under pseudonyms.

Please note that the views that are published are not necessarily those of the Sporting Post.

Notify of
Newest Most Voted
Inline Feedbacks
View all comments



Popular Posts