Three companies now loom as buyers of Terrafirma PBA franchise
Terrafirma’s deal to sell its PBA franchise to shipping line Starhorse will no longer push through, but three companies on Thursday emerged as potential buyers of the Dyip.
PBA commissioner Willie Marcial did not divulge the names of those interested to take over the franchise, but two of them have already submitted a formal letter of intent following the collapse of the Starhorse deal.
“The [third] company told us of their interest, although it has yet to submit a letter of intent,” Marcial said after confirming that the acquisition was called off.
Rumors of the deal’s uncertainty have been brewing for weeks, with Terrafirma team governor Bobby Rosales mum on the matter when asked during one of the Dyip’s games in the Philippine Cup.
Terrafirma and Starhorse came to terms in February, but the deal still needed league approval in order to complete the sale of the franchise that has been in existence since 2014.
“Starhorse failed to comply with our requirements, especially [the financial] terms,” Marcial said. “They also failed to submit requirements that Terrafirma was asking.”
Future in limbo
The collapse further put doubt on the team’s future, particularly its current campaign in the all-Filipino that saw Terrafirma drop three in a row after defeating Phoenix to open the conference.
The Dyip fell, 101-80, on Wednesday to Barangay Ginebra, which played for the first time since losing to TNT in the Commissioner’s Cup Finals 26 days prior.
“It wasn’t great, but it’s a solid game,” Ginebra coach Tim Cone said of the result. “It was sloppy at times, but it’s our first game.”
While a new conference opens new opportunities, Ginebra acknowledges the importance of playing better as quickly as it can, especially with what’s on tap.
Ginebra returns to action on Friday at Smart Araneta Coliseum, facing San Miguel Beer in a marquee battle between sister ballclubs. Tipoff is at 7:30 p.m.
“We need to be better against San Miguel, which is always the all-Filipino favorite, because we have our work cut out,” Cone said.
Unlike his team, the Beermen already have three games in the bag, winning the first two before falling short to the Magnolia Hotshots before the Holy Week break with a 98-95 overtime defeat.
