BTG Pactual proposes R$ 250 million to modernize the Cidade Jardim Hippodrome.
BTG Pactual is considering forming a partnership with the Jockey Club of São Paulo to modernize the Cidade Jardim Hippodrome, in the southern part of the city of São Paulo. The projected investment is around R$ 250 million.
The negotiation was revealed by Painel SA of Folha de S.Paulo. The matter will be brought to the attention of an extraordinary general meeting of Jockey Club members, scheduled for Tuesday (August 19). When contacted, BTG Pactual stated that it would not comment on the matter. Market sources indicate that the bank's interest in the area is longstanding, given the strategic value of the land.
The racetrack occupies a 619 m² plot in one of the most valuable areas of São Paulo. The Jockey Club is facing financial difficulties exacerbated by the Covid-19 pandemic and municipal laws that restricted betting with animals. The institution has been in judicial reorganization since September 2025, when the request was accepted by the court.
Debts and pending legal matters
The Jockey Club's liabilities amount to approximately R$ 19 million, according to information from the judicial reorganization process. To this amount is added a tax debt of approximately R$ 640 million in municipal, state, and federal taxes.
The City of São Paulo obtained judicial authorization to seize R$ 300 that the club would receive as the final installment for the rental of its facilities for the Latin America Open , a tournament held in May 2026.
BTG Pactual was also linked to the Jockey Club in another way; in May of this year, the bank sponsored the São Paulo Grand Prix, the main race on the national horse racing calendar.
