Racing operator Gold Circle gets rescue package

KwaZulu-Natal’s racing operator Gold Circle, in the throes of a financial crisis, announced a rescue package offered by leading bookmaker Hollywoodbets and businessman Greg Bortz, the chair of Cape Racing.

An infusion of R500m will be made on the condition the two entities take over control of the company. Hollywoodbets will provide a R400m capital contribution in exchange for the transfer of the shares and loan accounts held by the Gold Circle Racing Club to Hollywood Sportsbook Holdings (or a nominated wholly owned subsidiary company).

Bortz intends to exercise his option to convert his loan of R100m into 20% of the equity in the company.

Gold Circle, which has experienced trading difficulties over several years, will have to motivate and request for drawdowns from the “members ring-fenced funds” to be able to operate for the next financial year. Based on its projections, those ring-fenced funds will be depleted by December 31 2024.

If the takeover is approved by Gold Circle’s members and various competition boards and authorities, the new proprietors will get to work on promises to stabilise the horse racing industry. They want to preserve the company’s Champions Season as the premier racing season in the country, boost stakes in KwaZulu-Natal, preserve and create jobs, and attract new racehorse owners to the region.

Joe Soma’s highly regarded filly Avoontoast returns to the track after a short break and is likely to start favourite in race 5 over 1,800m at the Vaal on Thursday, but she will have two serious rivals to contend with.

Ballroom Bliss is at the peak of her form and well suited to the long Vaal run-in, and the Lucky Houdalakis-trained Paton’s Tears was backed to start favourite in a 1,600m race on the inside track at Turffontein 10 days ago. She looked flat-footed on the tight track, but found her top gear late to finish third to Sea Anemone, a decent sort.

Paton’s Tears has won twice at the Vaal and is one that deserves strong consideration on her return to a course where she can stride along.

Readers of this column would have been on Daring Act and What A Lucy in respective recent races in which both were beaten into the placings. They’re in the same contest this time, race 1 over 1,000m. The box exacta could yield at least a double return on investment.

Selections

1st race: (6) Daring Act (10) What A Lucy (7) Chilli Marmalade (2) Jack Frost

2nd race: (5) Mvelelo (4) Fushimi Inari (7) Mishra (2) Exhale

3rd race: (7) Griffin Park (9) Pocket Watch (3) Circle Of Grace (6) Eiffel Tower

4th race: (13) Striking Angel (10) Out The Mist (12) Storm Player (7) Jumping Analia

5th race: (5) Paton’s Tears (6) Ballroom Bliss (4) Avoontoast (3) Bold Fortune

6th race: (7) Countess Danza (2) Primrose Path (1) Woman Of Substance (1) Liverpool Legend

7th race: (4) Chocolate Bomb (3) Fully Loaded (7) Runway Bomb (8) Samthewiseman

8th race: (5) After Hours (4) Coming In Hot (1) Viva De Janeiro (6) Whorly Whorly

9th race: (6) Count Your Chances (2) Summer Of Dreams (5) Duenna (7) Bushveld