UK bookmakers Betfred have confirmed rumors that they are interested in acquiring troubled South African race and sports betting operator Phumelela Gaming & Leisure.

On Tuesday, Betfred threw a wobbler into Phumelela’s ‘business rescue plan,’ which followed the South African company’s filing for a form of bankruptcy protection in May. Phumelela has been teetering on the financial brink for over a year after regulatory changes deprived it of a crucial share of race betting winning levies in the province of Gauteng.

While Phumelela has sketched out a rescue plan that involves the sale of certain assets and operations to Mary Oppenheimer Daughters (MOD) – a fund backed by one of the country’s wealthiest families, also one of Phumelela’s largest creditors – Betfred’s offer involves “all assets of Phumelela, and not merely some of the assets as contemplated in the offer made by [MOD].”

Moreover, while MOD has already provided Phumelela with a R100m (US$5.9m) lifeline and has promised to provide an additional R550m, Betfred’s all-assets offer is for between R875m-R925m. Betfred has also promised to preserve all Phumelela’s business units and retain all staff.