Leading proprietor and businessman Greg Bortz has emerged as a possible white knight, in partnership with South Africa’s main sportsbook operator Hollywoodbets, to breathe some a lot wanted life again into a crippled Cape horseracing scene.
According to the Sporting Post website, in a gathering with Cape trainers this week at Kenilworth Racecourse, Bortz outlined particulars of the meant present transactions, future plans, challenges and issues, and some concepts for the long run.
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“We are not jumping the gun, and there is naturally red tape and regulatory procedure to follow. But we are advanced with planning and we can expect some new faces at Kenilworth Racing as we implement changes,” Bortz informed the Sporting Post on Friday.
This follows a joint press release earlier this month, whereby the trustees of The Thoroughbred Horseracing Trust and the board of administrators of Kenilworth Racing Pty Ltd knowledgeable all stakeholders of proposed transactions that may have a major influence on the way forward for racing within the Western Cape. This contains an expression of curiosity with GMB Investments (Pty) Ltd (“GMB”), an organization represented by Bortz.
The trustees of the Thoroughbred Horseracing Trust have additionally counter-signed a Memorandum of Understanding with Hollywood Sportsbook Holdings (Pty) Ltd for the acquisition of all of the Trust’s shares and claims in Kenilworth Racing.
The press launch added that the deal is reported to be value R330 million and will see Bortz put in as government chairperson of Kenilworth Racing, which manages racing within the Western Cape.
The buy has saved Kenilworth Racing from imminent monetary collapse, in accordance to a press release by the trustees of the Thoroughbred Horseracing Trust and administrators of Kenilworth Racing Pty Ltd (KR).
An announcement stated the trustees and KR had signed an “expression of interest” (EOI) with GMB for the funding firm to inject R130 million into KR. About R80 million of this may go in direction of paying off debt and R50 million can be working capital.
Meanwhile, the trustees had agreed to promote all their shares in KR to Hollywoodbets for “a minimum” of R200 million in money. A memorandum of understanding (MOU) had been signed and all events have been dedicated to “work together as swiftly as possible” to full the acquisition.
The transaction is topic to regulatory approval by varied our bodies, such because the National Horseracing Authority, the Western Cape Gambling Board and the Competition Commission.
Hollywoodbets is closely concerned in racing sponsorship, notably in KwaZulu-Natal, with naming rights of the province’s two primary racecourses – Greyville and Scotsville – in addition to South Africa’s premier race, the Hollywoodbets Durban July, which was staged on the primary Saturday of July.
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At Wednesday’s assembly, Bortz outlined that it was time to bury illusions of the glory days of the Nineteen Eighties and to take care of the actual twenty first century calls for of horseracing.
“We need to cut our coat to suit our cloth. It is going to require a lot of blood, sweat and tears. Trainers will have to buy in, and we will all have to work together. I was heartened by the response on Wednesday. The bottom line is that we all want it to work,” he added.
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The appointment of a brand new Director Of Racing Operations of Kenilworth Racing will likely be one of many first implementations, in accordance to the dynamic investor.
“Improved field sizes, decent stakes and focussed realistic programming are priorities. The horse population needs to be addressed. We need to cater for lower MR-rated horses, as one example. We also need to have our finger on the pulse,” he stated, when relating varied features with the trainers current.
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Trainer Eric Sands stated that the Bortz presentation was probably the most constructive he had skilled in shut on 40 years within the recreation.
“I like it. All my colleagues liked it. Naturally the test will come with delivery. And I’m keen to see who is appointed as the CEO or Director Of Racing Operations. That person will need to share Greg Bortz’ passion, energy and positive outlook. We have to support this initiative and all pull together in the best interests of saving our sport,” Sands stated.
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Trainer Piet Botha has been a significant motivator to uplift the sport. He informed the Sporting Post that he feels that the subsequent decade goes to be a champagne period for racing.
“Greg Bortz spoke our language. We got the sense that we were listening to a genuine and professional proposal and considered plan to right the ship. It’s very exciting times and we are ready to make it work,” he added.
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Trainer Dean Kannemeyer, who can also be primarily based out at Milnerton, stated that the presentation by Greg Bortz was one of the vital skilled and insightful data periods he had attended.
“One gets the feeling that this is the real deal. I feel great hope and am positive for the future. The consensus amongst my colleagues was upbeat. I take my hat off to Greg and the Hollywoodbets team – it’s a major project, but I believe we are in very good hands,” he added.
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