The Hellenic Republic Asset Development Fund (HRADF) announces the completion of the concession process for granting the 20-year exclusive license to organize and conduct horse races mutual betting to “Horse Races S.A.”, a 100% subsidiary of “OPAP Investments Ltd”.
In a letter to the HRADF on November 24th, 2015 “Horse Races SA” agreed on the determination of December 10th, 2015 as a starting date of its activity. This typically completes a demanding and profitable for the State transaction.
HRADF has already given a release command for the amount of the first installment of 20% of the price, which was deposited in an escrow account and will be released in favor of HRADF on November 27th, 2015.
The second installment that amounts to 30% of the price will be paid to HRADF on the date of entry into force on December 10th, 2015.
The determined economic price stands at 40.501.000 euros.
On December 10th, 2015 the “Horse Racing SA” is going to settle in the Hippodrome facilities at Markopoulo, Attica assuming thereafter the conduct of horse races.
The Concession Agreement was signed between the HRADF and “Horce Races SA” on April 24th, 2015 and was ratified by the Greek Parliament on October 23rd, 2015, with broad political consensus.