Owners receive 3 offers to reopen Cebu jai alai fronton
Balita News Services
fronton are swamped with offers to reopen the facility, after its
counterpart in Manila resumed operations last week.
Published report here said at least three Manila-based groups
are now vying to strike a deal with the Cebu Jai alai Corp.
The company's majority stockholder, Jose Marie Miranda, is
reportedly leading exploratory talks with the interested parties.
One of the proponents is Belle Corp., which has been engaged by
the state run Philippine Amusement and Gaming Corp. (Pagcor) to operate
jai alai in Manila.
Two other groups are led by personalities who are said to be
closely identified with President Estrada.
One is a Chinese businessman and the other the President's high
school classmate and right-hand man of Eduardo Cojuangco.
According to the source, Belle Corp. is proposing to rent the
facility in Mambaling and operate it as an extension venue of its Manila
fronton.
Under the scheme, jai alai games will be played alternately
between the Manila and Cebu frontons with Belle Corp. maintaining the
same line-up of players.
Operations could start shortly as no franchise will be needed.
The Cebu fronton owners are being enticed to put up the
Mambaling property as equity, with the partners supplying the money for
renovation and operating capital.
But Miranda is hedging on the offers and instead proposed to
sell the facility, lock stock and barrel for P120 million.
Miranda's partners reportedly found the offered terms "not
lucrative enough".
If nothing comes out of the negotations, the Cebu fronton owners
are said to be considering plans to operate the facility on their own.
Rather than let the Cebuanos' money be siphoned off by Manila
financiers, the fronton owners might just end up running the show by
themselves, the source said.
Local investors will then be tapped to come up with the P40
million required for the renovation of the fronton.
The facility in Mambaling has been idle since 1986 when jai alai
operations were ordered stopped by then president Corazon Aquino.
It has been up for sale all these years but there were no
takers.(PNA) rgc /MNN/EB/RE
PNA - 135