More bad news for Phumelela

  • Over the Air
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1 week 5 days ago #757297 by Over the Air
Over the Air created the topic: More bad news for Phumelela
The Phindi Kema complaint against Big P to the Public Protector has finally been released and contains some findings that will be heavy blows to Phumelela.

Watch this space and if youre stupid enough to still be invested in these corporate strippers, my advice is unbundle immediately.

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  • Bob Brogan
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1 week 4 days ago #757331 by Bob Brogan
Bob Brogan replied the topic: More bad news for Phumelela
I remember Phindi, being laughed off by everyone


Maybe we should have taken notice

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1 week 4 days ago #757332 by Muhtiman
Muhtiman replied the topic: More bad news for Phumelela
.....yet she is able to pull a bigger crowd to a bush race in Berlin..... than those that try to put on our Summer Cup....:whistle:

My idea of "help from above" is a sniper on the roof
and a higher power is a hell fire missile armed drone.

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1 week 4 days ago - 1 week 4 days ago #757334 by Over the Air
Over the Air replied the topic: More bad news for Phumelela
Let me make it very clear that I am not a Phindi disciple and do not believe that she will make any difference to the problems that racing finds itself in today. She is unashamedly in it as a business venture and self serving individuals are the last thing we need after 20 years of just that. Racing has not just ambled its way into the problems that it now faces, this was a systematic stripping of assets and milking of profits at our expense. A look at the salaries and bonuses paid to the big boys over the years illustrates my point.

What Phindi has done for all of us is shine the light into some very murky dealings at corporatisation. Selling of assets and the lack of consultation with industry stakeholders will be a bridge too far for the boys at big P. They go to court today with absolutely zero prospects of reversing the 3% from bookmakers. That loss will cut them off at the knees and basically take them into the red. The clever money is on the court not seeing this as an urgent application and striking it from the roll.

Time to jump ship, some of the biggest rats have already done so. Sell those shares!
Last Edit: 1 week 4 days ago by Over the Air.

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1 week 4 days ago #757335 by Mac
Mac replied the topic: Re:More bad news for Phumelela
I’m more concerned about horse racing’s future and nor do I want to transact with a bucket shop because takeouts have increased.

Does the tax saga affect the bookies too?


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"Lot 226, 2016 NYS, Diamondveld, R1.5m"

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1 week 4 days ago #757338 by Over the Air
Over the Air replied the topic: Re:More bad news for Phumelela
Mac the bookies wont be affected they will just pay over the full 6% to Gauteng Government and not share it with Phumelela.

As for the future of racing, a few good men are needed. I see a return to the old club system eventually. This current model is not sustainable. The question will be how to maximise revenue from broadcasts in my opinion.

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1 week 4 days ago #757339 by Muhtiman
Muhtiman replied the topic: Re:More bad news for Phumelela
........the broadcasting and media rights on local and international racing is the only tangible money spinner left.....I see Phum holding on to it for dear life.....:huh:

My idea of "help from above" is a sniper on the roof
and a higher power is a hell fire missile armed drone.

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1 week 3 days ago #757406 by oscar
oscar replied the topic: Re:More bad news for Phumelela
Many of us would have stood up and helped over the last decades if this closed society/club had not been involved, unfortunately they were and we are now witnessing the final crash, what really got to me was the huge dividend policy which was like a wonderful ATM for the boys (I read thats also now gone).

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1 week 3 days ago #757409 by Bob Brogan
Bob Brogan replied the topic: Re:More bad news for Phumelela

Muhtiman wrote: ........the broadcasting and media rights on local and international racing is the only tangible money spinner left.....I see Phum holding on to it for dear life.....:huh:


The UK side of that could be in doubt, with the UK operators at war with each other

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