French racing sign MOU with Russian counterparts

French Horserace betting firms France Galop, Pari Mutuel Urbain, Le TROT and PMC partner ARU (Carrus Technology Group) have entered into a memorandum of understanding (MOU) with the Russian Pari-Mutuel Association and the Commonwealth Trotting Association at the Economic Forum held in St.Petersburg late last week.

Described as a historic agreement, the four-point MOU intends reviving both Russia’s breeding and racing industries to International levels while enabling French partners to offer their betting products in the country.

The four points of the MOU cover the creation of a “Franco-Russian Steering Committee for the Development of Horse Racing in Russia”, agreements between Russia’s Pari Mutuel Association and the PMU, another between Commonwealth Trotting Association and PMC for logistical and technical direction and a media agreement between Le Trot and Gazprom Media for the broadcasting rights to the Sunday horse races held at Vincennes racetrack.

“I am personally very pleased to see the materialisation of these agreements with Russian racing authorities to ensure the development of the racing industry in Russia,” said Dominique de Bellaighue, President of LeTROT.

Hurstel Xavier, chief executive officer of PMU  added: “These agreements demonstrate once again the recognition of the excellence of the French horse industry worldwide. The prospect of offering betting on French races in Russia is a new step in the international expansion of the PMU and that will ultimately further strengthen the attractiveness of its common stock, which already leads in Europe”.

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