Billionaire Vítek invests hundreds of millions in the Chuchle racetrack

"The investments will amount to hundreds of millions of crowns. To specify this amount, we would need much more information than we currently have. We are getting acquainted with certain restrictions, the zoning plan, and logistical possibilities,” Pecka stated.

According to him, the construction work will last between one and a half to two years. "But when it will happen, we cannot say at this moment. We are in talks with the authorities, the mayor of Velká Chuchle. We are discussing state land in the area and its acquisition. The successful revitalization of the entire site and its actual rescue will depend on the mutual cooperation and support of all stakeholders,” he added. According to him, the aim will be to ensure that the construction work has minimal impact on the racing season.

The state owns approximately 90 percent of the land from the total area of 500,000 square meters of the site. The rest is owned by the company Turf Praha, in which Vitek's family has held a majority share since the end of last year. According to Pecka, the only option is the purchase of land, as long-term leasing is not being considered. "The problem is that Turf Praha owns most of the buildings, including the grandstand, but most of the land under the buildings is state-owned,” he pointed out.

"In addition to the fundamental renovation of the outdated grandstand, the racetrack also needs other care, including a digitally controlled irrigation system. Parking capacities, infrastructure for horses, and modern accommodation facilities for race participants and staff caring for the horses are necessary,” Pecka continued. According to him, the racetrack will remain preserved, just with better surfaces.

The current state of the racetrack shows that almost everything needs significant renewal. "The nature of the site, its logistics, and buildings have long been inadequate for the needs of modern operations. The overall condition of the racetrack has been affected by floods in 2002 and 2013, as well as the subsequent insufficient remediation of the affected areas and the absence of significant investments in recent decades,” he added.

Since the beginning of this year, investments of more than six million crowns have been made in Chuchle. These involved a completely renovated restaurant and betting hall, and a circular sand riding hall and washing boxes were built in the horse facilities. "Our ambition is to create Velká Chuchle as a center of Czech equestrian sport with international reach, as well as a place that will promote community life and become a natural choice for leisure activities,” said Pecka.

The family of businessman Radovan Vitek became the majority shareholder of the racetrack at the end of last year. They acquired 93.6 percent of Turf Holding, which organizes races and owns the buildings and part of the land of the racetrack through other companies.

Flat racing has been held in Chuchle since 1906 and during the era of the First Republic, it enjoyed public favor, with attendance being a social event. Velká Chuchle is the busiest racetrack in the Czech Republic, hosting 124 out of 299 flat races (41.5 percent) that took place in the country in 2017. Attendance at race afternoons paid by spectators has increased by an average of 15 percent this year.