South African horseracing and tote betting operator Phumelela Gaming and Leisure Limited has reportedly turned down a rescue deal that was to have seen giant British bookmaker Betfred purchase its entire business for approximately $55.6 million.
According to a short report from Gambling Insider, the Johannesburg-headquartered firm has instead opted to accept an earlier offer from one of its largest creditors, private equity investor Mary Oppenheimer Daughters, that will involve it receiving just over $28.8 million in exchange for its assets and large shareholding in local horseracing broadcaster Phumelela Gold International Limited.
Considerable commitment:
Gambling Insider reported that the rescue deal may eventually end up costing Mary Oppenh…