Stakes are the leading topic of discussion and concern wherever racing people congregate and the Sporting Post has fielded numerous questions and concerns in recent months from stakeholders.
In a communication, it is reported that the Racing Association continues to negotiate with Phumelela as regards stakes and are committed to subsidise them by 20% until the end of November.
The owner body, however, reports that they have indicated that after the end of November they can no longer provide a subsidy.
They state in their latest newsletter that Phumelela and the Business Rescue Practitioner have taken this deadline into consideration and that they will have more feedback in early to mid-November as regards the way forward.
The Racing Association says that they will negotiate a new Stakes Agreement with the new operator once the racing assets have been transferred and all legal requirements have been met.
In the interim, they will continue to negotiate with Phumelela and the Business Rescue Practitioner.
