Sluzewiec Racetrack falls into receivership yet again

The Sluzewiec Racetrack (STWK), owned by the Totalizator Sportowy (TS) state lottery, is once again facing receivership. The company has no funds for prizes for horse owners, for ensuring security on its premises, or for continuing its activity till the end of the season. This is already the second time this year that STWK has met the bankruptcy conditions defined in the Polish Commercial Code. The court decided to discontinue the first of this year's receivership proceedings just a few weeks ago. Currently STWK is short about zl.8-10 million. Although the State Treasury-owned TS paid zl. 5 million to the racetrack at the end of April for the right to use the results of its races, the Treasury objects to further investments in STWK. Thus far TS and STWK have demanded the Treasury to approve a sponsorship agreement to be signed by both companies, as reported by Rzeczpospolita. The agreement would enable TS to pay zl.7 million to the Sluzewiec company.(Rzeczpospolita, p.B2) M. S.-C.