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Leni Gas Cuba forms JV with sport specialist Rushmans

Cuba's sporting heritage, particularly in the fields of boxing, baseball and athletics, is recognised globally

Cuba has provided many boxing world champions and, arguably, the greatest amateur boxer the sport has seen

Leni Gas Cuba Ltd (ISDX:CUBA), the investment company focused on Cuba, is turning its attention to the Cuban sporting market.

It has formed a 50/50 joint venture (JV) with Rushmans, the global sports and commercial management organisation, to explore the opportunities available for international entities to take part in the development funding for Cuban sport.

Leni Gas Cuba already had an existing introductory and advisory arrangement with Rushmans, so the two parties know each other well, while Cuba's sporting heritage, particularly in the fields of boxing, baseball and athletics, is recognised globally.

While baseball remains the national sport, football is growing exponentially and the nation's sports development programme helps identify and foster emerging talent with the potential to become world class performers in many sports, a statement from Leni Gas Cuba said.

Cuba's sports sector has, however, been hit by the US embargo making it difficult to maintain required levels of investment enjoyed by other successful sporting nations, but with the frosty relations between Cuba and the US thawing, now seems a propitious time for Rushmans, with its significant experience and understanding of the Cuban commercial and sports environment, to expand its presence in the sector in partnership with Leni Gas Cuba (LGC).

"Our experience shows us there are huge opportunities for the development of Cuban sport by plugging back into opportunities that have been denied by past exclusion," said Nigel Rushman, the founder of Rushmans.

Rushmans will grant the JV an exclusive licence to use the Rushmans brand and intellectual property in respect to Cuban sporting opportunities, in consideration for LGC paying £100,000.

LGC will fund the JV projects accepted by LGC, and will provide an initial £40,000 in working capital for the JV, with the funding by LGC first deducted from the JV revenue and repaid to LGC before any pro-rata distributions to the JV parties.

"This new 50/50 joint venture with the sporting powerhouse specialist of Rushmans' ilk is an exciting opportunity to assist Cuba access foreign investment aimed at boosting development in a wide range of Cuban sport. The joint venture will focus on developing sporting ties and links between the international sports community and Cuba," said David Lenigas, executive chairman of LGC.

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