Racing sell-off hits hurdle

By Vangelis Mandravelis

The privatization of horse-racing organization ODIE has hit a lease rate hurdle for the course at Markopoulo in eastern Attica.

The company advising state privatization fund TAIPED appears to have proposed a lease rate that is prohibitive for interested investors: Planet had proposed a 500,000-euro monthly rental rate for the course which the racing-betting permit holder must pay according to the new contract for the concession of licenses.

French firm PMU, which had expressed an interest in the ODIE sale, has informed TAIPED that it will not participate in the tender under such terms.

As a result, the sell-off fund is only left with Intralot’s candidacy, although that is considered to be rather weak, meaning that TAIPED may have to call off the tender.