Peping seeks sale of RMSC for P5 billion

The Philippine Olympic Committee wants to sell the historic Rizal Memorial Sports Complex in Malate, Manila, and use the proceeds to build a modern training facility either in Clark Field or Rizal province.

POC president Jose “Peping” Cojuangco Jr. announced the possible sale of the complex built in 1934  before the POC general assembly Wednesday, saying he had explored this possibility with former President Joseph Estrada, a political ally and mayor-elect of Manila.

“I already had preliminary talks with him (Estrada) and it seems he likes the idea,” said Cojuangco. “We’ll discuss it further when he formally assumes office next month.”

The RMSC remains a property of Manila although the complex is controlled by the national government through the Philippine Sports Commission.

Earlier attempts to sell RMSC  bogged down due to disagreements on revenue sharing between Manila and the national government.

The 10-hectare venue, where majority of the national athletes train, has a present zonal value of P5 billion. The proposed training center will house the national training pool and provide shelter and livelihood to former athletes who earned honors for the country.