JOHANNESBURG – South Africa's horse racing industry is set for a major overhaul following a meeting of key industry players to solve the impasse in the battling industry.
JSE-listed Phumelela Gaming and Leisure said in a statement that the meeting discussed the creation of a single body that would oversee the horse racing industry in South Africa.
The group said additional due diligence, process and consultation still have to be researched in order to explore this feasibility.
“In this regard, a horse racing industry restructure committee is in the process of being established, together with the terms of reference for such a committee, which will involve, among other things, researching and recommending potential strategies and opportunities for the industry,” Phumelela said.
“Phumelela Gaming & Leisure Limited is viewed by many in the industry as pre-eminent in the South African racing and gaming environment. As such, in order for the industry to succeed, this body also needs to succeed. The executives of Phumelela, Gold Circle and Kenilworth Racing have largely indicated that they are in support of the above initiatives.”