PHUMELELA’s Business Rescue Practitioner, John Evans, has published his long-awaited Business Plan, in which it has been established that MOD (Mary Oppenheimer Daughters), has provisionally acquired the horse racing assets and business from the embattled company following a head-to-head contest with UK Bookmaker, Betfred.

In effect this means that, on approval of the Business Plan by Phumelela’s creditors and regulatory authorities, MOD will take control of Phumelela’s racing assets and establish its vision and own management for the business of racing thereafter.

Approval of the plan, with or without modification, will depend on the outcome of a creditors meeting to be held electronically on the Zoom platform on Tuesday, 1 September 2020 at 11am.