With horseracing operations nearing finish line, Boy Reyno agrees to lease MJC facilities

Manila Jockey Club Inc. (MJC), which is set to shut down its horse racing operations next month, has agreed to lease its facilities in Carmona, Cavite.

In a regulatory filing, MJC said it “agreed in principle to lease its horseracing facilities to Hapi Jockey Club Inc. (HJCI), which intends to conduct its horse races.”

HJCI is a corporation organized by horse owners and grantee of a legislative franchise for horseracing under Republic Act No. 11649.

MJC said the specific terms and conditions of the lease are still to be determined, and subject to the approval of the respective board of directors of the both parties and the relevant government regulators.

“The company shall disclose the specific terms and conditions of the lease as soon as the definitive agreement/s have been executed by the parties,” MJC said.

Last month, MJC announced that it would not apply for renewal of its legislative franchise for horse racing in order to focus on its real estate business.

MJC’s franchise is due to expire on October 23.

Established in 1937, MJC has been conducting its races in San Lazaro Leisure Park in Cavite since April 1, 2003.

The world class facility includes two racetracks and the Turf Club Building which can hold thousands of spectators.

The club has been hosting races twice a week with alternating schedules.

Germany raids properties belonging to Russian oligarch

German investigators on Wednesday raided properties belonging to a Russian oligarch suspected of tax evasion and breaking EU sanctions, police and prosecutors said, with sources naming billionaire Alisher Usmanov as the target.

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