Equestrian center goes under the hammer for 30 mln euros
The Greek Horse Racing Organization (ODIE) is putting up for an auction the one-square-kilometer plot at Markopoulo in Attica that hosts the Olympic Equestrian Center and the national racecourse, at a starting price of 30.14 million euros.
The tender will be held online on November 6 and its proceeds will service the requirements of the state and Intralot from ODIE that is under liquidation, which cumulatively reach the amount of 40 million euros.
The racecourse and the facilities housed in the area under auction, which include the equestrian center, are going under the hammer as OPAP gaming company has decided to terminate the lease agreement it had with state asset utilization fund TAIPED.
That has resulted in the collapse of the entire architecture of the use of the racecourse and the equestrian center with which the obligations burdened by the property were serviced, and in particular the agreement based on which two-thirds of the rent was collected by Intralot due to ODIE’s debts, and one-third by the state.
On January 29, the managers of the company “Horse Racing SA”, a subsidiary of OPAP, invited the employees (they amount to 75 people, together with the active riders and training riders) and announced to them the cessation of the organization and conduct of Greek horse races, with effect from January 30.
As they were informed, the company also terminated the lease contract of the Athens Racecourse in Markopoulo, the property would be officially returned to its owner (ODIE) within two months.
In addition to the workers who suddenly found themselves out of work, the owners of the horses are also in a difficult position, not only those who take part in horse racing but also those who are engaged in the Olympic sport of equestrianism.
According to the then announcement of Horse Racing SA, “Greek horse racing activity has been extremely loss-making for decades. Despite the significant long-term efforts by Horse Racing SA, since it took over this activity in 2016 and its continuous large investments, Greek horse racing has remained loss-making and unsustainable. In fact, the company’s total losses from 2016 to 2023 amount to 100.3 million euros.”
Two months later, on Wednesday, March 27, the invitation for the property was posted on the auction publication website.
