Turkey Wealth Fund vows to raise horse racing standards

ISTANBUL

The Turkey Wealth Fund (TWF) will raise standards in the horse racing industry to boost profitability, the fund’s managing director said on Thursday.

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

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

"TWF intends to identify the right structure that will maximize the public benefit of the 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, state lender Ziraat, Borsa Istanbul, and telecommunications giant Turk Telekom.