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Oppenheimer’s step in with R100 million cash injection to keep horse racing alive under lockdown
The R100 million funding extended by the Mary Oppenheimer Daughters to Phumelela Gaming and Leisure is expected to stabilise the finances of the cash-strapped company, while it goes through business rescue.
The horse racing company announced that it had received funding from the family of the late mining magnate Harry Oppenheimer, allowing it space to navigate the rescue process which was accelerated by the cancellation of racing events due to lockdown.
“This is not an attempt to save Phumelela as a company or an attempt to invest in Phumelela. It is a critical in ensuring the sustainability of the industry as a whole,” said Wehann Smith, Director of Racing Association.
“It puts Phumelela in a safe space for about six months or so,” he added.
The involvement of the Oppenheimers in the local horse racing scene spans decades, and Oppenheimer senior and his wife, Bridget, bred and owned top race-winning horses. Mary and her daughter Jessica Slack are still active in the sector.
On Friday, the largest operator of horse racing, announced that it had entered voluntary business rescue as it has taken additional financial strain from the suspension of races since the implementation of the Covid-19 lockdown.
— fin24.com.
Online Reporter