Terrafirma sale to Starhorse gains traction
The entry of a shipping company based in the southern Tagalog region into the Philippine Basketball Association appears to be gaining traction.
Starhorse Shipping Lines, the Inquirer learned, is in talks to take over the franchise of Terrafirma, which has been in the league for over a decade and recently finished dead last in the Commissioner’s Cup.
PBA officials did not return queries about the potential sale, but sources said that Starhorse had submitted a letter of intent while its representatives met with commissioner Willie Marcial and Terrafirma team governor Bobby Rosales.
Jax Chua, who had been involved in the Basilan teams that competed in the MPBL and the PBA D-League, and Bernard Yang, longtime team manager of Hapee in the defunct PBL and D-League, were among those who attended on behalf of Starhorse.
Based on its website, Starhorse was founded in 2007 by Quezon province politician Victor Reyes and has routes in Batangas, Masbate and Romblon.
Starhorse also announced recently that it is backing the returning Basilan team for the upcoming MPBL season.
If it can come to terms with Terrafirma, Starhorse will likely pay at least P100 million, the reported sum when Converge bought the Alaska franchise in 2022 and when Phoenix purchased Barako Bull, lock, stock and barrel, in 2016.
Entering as an expansion club could be more hefty, as the league is requiring a franchise fee of P100 million, which Terrafirma paid in 2014 when it came into the PBA carrying the brand of foreign car company Kia.
Terrafirma has been rumored to be on sale in the past two years even as it struggles to compete in the PBA.
The Dyip did enjoy some minor success, making the quarterfinals twice—in the 2016 Governors’ Cup as the Mahindra Floodbuster, and the 2024 Philippine Cup when it forced the twice-to-beat San Miguel Beermen to a rubber match.
But Terrafirma eventually unloaded the core players from the latter campaign, with Stephen Holt and Isaac Go sent to Barangay Ginebra and, later, Juami Tiongson and Drei Cahilig to San Miguel.
