Bolsa Madrid gambling group Codere SA will maintain its Panamanian horseracing capacity having negotiated a ‘happy arrangement’ with Panama’s Equestrian Guild to resolve a dispute on prize funding.
Conducting negotiations with Panama’s government, Codere has agreed to pay half of the $8 million prize fund of 2020 schedule, a sum desired by the Equestrian Guild meeting the expectations of its membership of horse owners, trainers and further stakeholders.
The remaining half of the season’s prize fund will be contributed by Panama’s Central Government, which maintains its annual contribution to Panamanian racing attached to ‘Law 71’ established in 2012.
Codere Panama’s executive team of Lucas German (CEO) and Yolanda Lima (General Counsel) negotiated new deal terms at a meeting in which stable owners Bartolomé Mafla Herrera (APPUCAPA) and Vicente Prescot (Aproturf) represented the interests of the Equestrian Guild.
Securing its new prize fund, the Equestrian Guild will move to revamp Panamanian racing’s schedule, in which Codere will allocate $1.15 million to ‘Classic Races’, $570,000 to ‘National Meetings’ and $580,000 to ‘Open Formats’ – prize contributions which will be mirrored by the government.
Since 2005, Codere has operated as the concessionaire holder of Panama City’s Presidente Remón Racetrack, through Central American racing subsidiary ‘Hípica de Panamá’.