Phumelela to get a R100m cash injection because its failure in business rescue would be a ‘devastating’ blow
10 May 2020 - 19:30SA’s largest horse racing group, Phumelela Gaming & Leisure, is to receive a cash injection from the Oppenheimer family, averting what might have been the demise of the sport in the country after the company filed for business rescue on Friday.
The group, which among others operates the Vaal racecourse, is believed to have a fighting chance to survive the business rescue process after a post-commencement loan agreement was offered by family office Mary Oppenheimer Daughters.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.
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