PBA: Sale of Barako franchise faces rough sailing
Source: http://www.mb.com.ph
MANILA, Philippines – Just when nearly everyone thought Phoenix Petroleum Philippines Inc.’s entry to the elite Philippine Basketball Association will be smooth and trouble-free, it now appears that there is a big stumbling block to its take over of the Barako Bull franchise.
MANILA, Philippines – Just when nearly everyone thought Phoenix Petroleum Philippines Inc.’s entry to the elite Philippine Basketball Association will be smooth and trouble-free, it now appears that there is a big stumbling block to its take over of the Barako Bull franchise.
A source said a PBA team member has indicated that it might resist Phoenix’s planned entry because of product competition.
Although at present there is no team that sells the same products as Phoenix, which is oil and lubricants, that might not be the case in the next conference where it is rumored that Petron, 60 percent owned by SMC, might come in as a replacement for one of the San Miguel teams.
The food and beverage empire has three teams in the PBA. Besides San Miguel, there is B-Meg and Ginebra.
“Phoenix, I think, will have a hard time coming in to replace Barako Bull,” said the same source who asked not to be named.
The source, a league insider, revealed that Phoenix’s bid faces rough sailing because it needs two-thirds vote – or seven of the 10 member teams – to get board approval to acquire Barako’s franchise which at present is valued at around P60 million. Phoenix will also have to pay the PBA a one-time acceptance fee of P6 million.
PBA chairman Rene Pardo of B-Meg said the board will discuss the matter of Barako’s sale on Tuesday.
“It’s in our agenda,” Pardo said Thursday. “The management of Barako Bull told us that they will stay until the third conference.” He said that now that they are leaving for good, we want to know the reason.
When Barako filed a leave of absence last month, it informed the PBA that it will return and play in the third conference. But two weeks ago, Barako Bull wrote the PBA Commissioner’s Office of its intention to sell its franchise to Phoenix and will no longer play in third conference also known as the Governor’s Cup.
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