One of South Africa’s wealthiest families has come to the rescue of Phumelela Gaming and Leisure, the local operator licensed to offer horse racing and totalisator betting which only three weeks previously had teetered on the edge of bankruptcy.
According to Gaming for Africa, the company is now filing for voluntary business rescue, having suspended its shares of the Johannesburg Stock Exchange. It is now in negotiations with Mary Oppenheimer Daughters, a company run by South Africa’s richest family.
The publication reveals that the group has agreed to provide R100m (€5.1m) to give Phumelela a six-month lifeline. A spokesman for the Oppenheimer interests said that the loan was to help sustain the racing industry.