Turkey Wealth Fund vows to raise horse racing standards

Published 07.11.2019 15:58
Turkey Wealth Fund vows to raise horse racing standards

Turkey's Sovereign Wealth Fund (SWF) will raise standards in the horse racing industry to boost profitability, the fund's managing director said yesterday.

"We strongly believe that there is further value creation in the horse racing market," Zafer Sönmez stressed in a press release.

The fund mandated Turkey's Development and Investment Bank, Ernst and Young Turkey and the Lexist Law Office help create better horse racing operations in the country.

"The SWF intends to identify the right structure that will maximize the public benefit of horse racing and betting operations, subcontracting to a service provider," it said.

It added that domestic and foreign strategic players will be invited to the country to take part in the process. In early 2018, the fund got the license to hold horse racing for 49 years.

The fund was established in 2016 to boost the value of state-owned assets and contribute to strategic investments. Among the companies in its portfolio are flag carrier Turkish Airlines (THY), state lender Ziraat, Borsa Istanbul Stock Exchange and telecommunications giant Türk Telekom.

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