Move follows business rescue resolution and suspension of listing of Phumelela Gaming & Leisure shares
Champion trainer Sean Tarry says the decision by the Oppenheimer family to throw a lifeline to racing is an enormous relief for horse racing, which has been under the cosh in recent months.
The Phumelela board took the view that the best option to ensure the long-time survival of the company and of horse racing was to implement a business rescue plan as contemplated in the Companies Act, the statement reads. “It would be a great boost if government could intervene and lift the racing lockdown over the next few days which, in turn, would further lift the dark cloud over the industry,” said Tarry.
While the Oppenheimers’ decision to donate R1bn to the Solidarity Fund to help combat Covid-19 understandably was lauded countrywide, the sum given to racing has not been revealed.
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