GOLD Circle’s financial crisis could decimate KwaZulu-Natal's horse racing industry if a takeover bid by sports betting operator Hollywoodbets is not approved.
Industry experts say thousands of jobs and at least 100 horse races are on the line should approval not be granted, while eThekwini Municipality also stands to lose millions, if not billions, in revenue.
If Hollywoodbets is successful, it will take over Gold Circle’s racing operations at Greyville in Durban and at Scottsville in Pietermaritzburg.
National Horseracing Authority CEO Vee Moodley said it was common knowledge that Gold Circle was in financial distress and should Hollywoodbets, which had made a joint bid with businessman Greg Bortz, succeed, it would revitalise the industry.
He said South Africa currently had three operators in
