Jockey Club of São Paulo approves partnership with BTG Pactual to inject R$ 250 million.
With 115 votes in favor at an assembly of 117 participants, the Jockey Club of São Paulo ratified this Wednesday (August 19th) a strategic partnership with Banco BTG Pactual that could inject R$ 250 million into the most famous racetrack in the country. The near-unanimity of the result translated, in numbers, the urgency of an institution under judicial reorganization since September 2025.
The Extraordinary General Assembly was held in the Luiz Nazareno Hall, in the social grandstand of the Cidade Jardim Hippodrome, with in-person and nominal voting. Of the 117 members who attended, 115 approved the partnership with BTG Pactual; only one vote was against and another was blank. No votes were annulled.
BTG Pactual's proposal
The investment being considered by the bank is approximately R$ 250 million for the modernization of the Cidade Jardim Hippodrome, located on a 619 m² plot in the southern part of São Paulo. The negotiation was revealed by Painel SA, from Folha de S.Paulo, before the assembly. BTG Pactual, consulted at the time, stated that it would not comment on the matter; however, market sources indicated that the bank's interest in the area was not new, given the strategic value of the land in one of the most valuable regions of São Paulo.
The relationship between the bank and the club had already materialized in another way in 2026; in May, BTG Pactual sponsored the São Paulo Grand Prix, the main race on the national horse racing calendar, held at the racetrack itself.
Debts that made the partnership urgent.
The Jockey Club's financial situation explains the almost unanimous support for the proposal. The institution's liabilities total approximately R$ 19 million in debts within the scope of the judicial reorganization process. To this amount is added a tax debt of approximately R$ 640 million in municipal, state, and federal taxes, raising the total debt to around R$ 659 million.
The difficulties were exacerbated by the Covid-19 pandemic and municipal legislation restricting betting with animals. In September 2025, the court accepted the institution's request for judicial reorganization. Before Wednesday's assembly, the situation had already reached a concrete point of pressure; 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.
The approval of the partnership concludes the internal deliberation phase. What remains to be defined is the final form of the contracts and the schedule for carrying out the modernization works at the racetrack.
