Phumelela Gets Huge New Backing From the Oppenheimer Family (Again)
The office of Mary Oppenheimer Daughters, which is linked to the affluent Oppenheimer family, has agreed to provide Phumelela Gaming & Leisure additional funding worth R550m to save the company from collapse. This is over and above the R100m that the family has committed to SA’s largest horse racing and betting group.
The Oppenheimer family is prepared to throw another multimillion-rand lifeline to Phumelela Gaming & Leisure to keep SA’s largest horse racing group up and running under a business rescue process, while it raises money through the sale of its assets.
The office of Mary Oppenheimer Daughters, which is linked to the affluent Oppenheimer family, has agreed to provide Phumelela Gaming & Leisure additional funding worth R550-million to save the company from collapse, it emerged from a published business rescue plan.
The Phumelela Gaming & Leisure business rescue practitioner, John Evans, published a business rescue plan on Wednesday 19 August, which proposes the sale of its horse racing business (including racing tracks and training centres in Gauteng, Northern Cape, and Port Elizabeth), a 50% share in Premier Gateway International (a totalisator business in the Isle of Man), and potentially, Betting World businesses (involved in betting on sports including soccer,…