Hollywoodbets is set to inject R500 million and take over horse racing in the holiday province, pending the approval of the KZN Economic Regulatory Authority. With Competition Tribunal approval received, Hollywoodbets and Chairman Designate Greg Bortz will oversee interim management and strategic decisions. Hollywoodbets spokesman Basil Thomas emphasized their commitment to securing the future of the horseracing industry in KwaZulu-Natal and ensuring the survival of Gold Circle. This article was first published by Sporting Post.
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From the Sporting Post
In what will be positive news for horseracing stakeholders in KwaZulu-Natal, the proposed acquisition of Gold Circle by the Hollywood Sportsbook Holdings group (Hollywoodbets) took a step closer to reality on Friday with the news of the approval of the underlying transactions by the Competition Tribunal.
Subject to the fulfillment of other outstanding conditions precedent, the deal will unlock a R500 million rescue injection from Hollywoodbets, and a takeover of racing in the holiday province.
Now that Competition Tribunal approval has been received, the most significant outstanding step is the required approval of the KZN Economic Regulatory Authority (KZNERA), which process could take some time.
Hollywoodbets spokesman Basil Thomas told the Sporting Post that news of the approval by the Competition Tribunal was very pleasing, and that the process would continue its course.
He added that whilst the outstanding approval of the KZNERA is critical to the transaction and will be the final step in transferring ownership, the Competition Tribunal approval now allows Hollywoodbets and its appointed Chairman Designate of Gold Circle, Greg Bortz to be involved in management and strategic decisions during the interim period. Most importantly, Hollywoodbets will appropriately invest funds at its own risk to ensure the continuity of horse racing in KZN and the survival of Gold Circle.
“We remain determined to secure the future of the horseracing industry in KwaZulu-Natal and our original plans and intentions remain on track. Naturally, we are hopeful that the KZNERA will recognise the importance of this transaction and will give the acquisition its approval on acceptable terms and conditions. But for now, today’s news is a huge step forward,” concluded Thomas.
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This article was first published by Sporting Post and is republished with permission
