Fundi Sithebe, the first Black CEO of a racing company in South Africa—and quite possibly the first globally—has stepped down from her role at 4Racing. Her departure, at the end of May, marks a significant and troubling moment for the sport, not only in South Africa but on a global scale. She has also resigned as co-chair of the World Tote Association (WOTA), further deepening the impact of her exit.

A former COO and acting CEO of Airports Company South Africa, Sithebe took the reins as 4Racing’s first CEO, inheriting the massive challenge of rebuilding the industry in the wake of Phumelela’s collapse in 2020. The task was daunting, and to date, none of the three current operators have managed to fully revive the sport. Despite substantial capital investment, there has been little to no return, stakes have barely kept pace with inflation, and the financial model remains unsustainable.

Racing’s decline has been evident in multiple areas—dwindling fan engagement, a shrinking foal crop, fewer race meetings, and an insular approach that has driven people away rather than attracting new participants. The sport is teetering on the edge, and Sithebe was handed a near-impossible mission from the start. With her resignation, South African racing now faces an even greater challenge: the loss of a transformative leader at a time when it desperately needs one.

Despite some efforts toward inclusivity, horse racing remains largely inaccessible to the broader public, with little meaningful transformation. Its survival is now increasingly reliant on bookmakers, gambling-linked enterprises, and the MOD operation—one of the few entities without direct vested interests that has worked tirelessly to sustain racing in Gauteng and the Eastern Cape.

Sithebe leaves behind a significant legacy. Though she entered the industry as a relative outsider, she made her mark as co-chair of the World Tote Organization, elevated the Summer Cup to its highest-ever stakes, established Africa’s richest race, and championed digital tote advancements. Her tenure also saw a push to engage a more diverse audience, with last year’s Summer Cup drawing its largest post-pandemic crowd outside of the Durban July—an event further highlighted by the presence of an international star jockey.

Yet, despite her efforts, the structural issues plaguing 4Racing and the industry at large remain unresolved. The flawed strategic direction—one that Sithebe had little control over—has made any turnaround virtually impossible. No CEO, past or future, will be able to reverse racing’s fortunes unless fundamental changes are made. The trend of exits across the industry is likely to continue, with more people leaving than joining in nearly every sector of the sport.

Sithebe’s resignation is more than just a leadership change—it’s a pivotal moment for South African racing. The question now is whether the sport can find a way forward before it’s too late.