It's only now under relaxed Level 2 travel regulations that jockeys are able to move around the country again to compete. Major player Phumelela Gaming and Leisure filed for business rescue in May. Phumelela says it contributes some R800 million annually to the economy.

Members of one of South Africa's wealthiest families are providing a lifeline for the industry. Mary Oppenheimer Daughters family office (Modo) stepped in with a R100 million lifeline in a deal with the Phumelela business rescue practitioners. Bruce Whitfield interviews Charles Savage, Racing Association director and Group CEO of financial services company Purple Group Limited. A short while ago the restructure task team was created and as a result of my involvement in racing I was part of that team. Charles Savage, Group CEO - Purple Group Limited Essentially the team was established to secure racing's interests and ensure that racing survives.

In order to do that we need to raise capital to play a part in the business rescue process. Charles Savage, Group CEO - Purple Group Limited Mary Oppenheimer and Daughters are the capital providers to that racing task team. Charles Savage, Group CEO - Purple Group Limited They [the Oppenheimers] have got massive breeding interests and last year they won Breeder of the Year... Beyond that they are also huge stakeholders in racing in that they're big owners and they're also huge supporters. Charles Savage, Group CEO - Purple Group Limited At the heart of that, there are roughly 160,000 jobs that horse racing provides in South Africa.

Charles Savage, Group CEO - Purple Group Limited He says the R100 million committed in April has led to phase two which requires more capital to underwrite the creditors and realise assets. And also ensure that horse racing's assets are secured so that we can ensure continuity and a different future for racing. Charles Savage, Group CEO - Purple Group Limited