PBA denies it’s in dire straits

The Philippine Basketball Association yesterday admitted it is currently feeling financial difficulties due to the economic crunch besetting the country but denied it is on the verge of bankruptcy as persistent reports made the rounds the last few days.

PBA chairman Buddy Encarnado said that just like any other organization, the PBA is also reeling from the economic pinch but believes "the league is a sturdy ship which could weather the storm."

Encarnado, who presided over an executive meeting Monday, said the league’s uncollected earnings from previous broadcast partners worth P300 million and its recent settlement of tax arrears totaling P46 million have hampered the league’s operation lately.

But Encarnado said the PBA has a fund held in escrow representing the disputed three percent share of the Games and Amusements Board from the league’s TV earnings.

"It’s still being disputed in court because they’re asking for a share from funds which we didn’t receive," Encarnado explained.

"In my administration, our tax arrears worth P46 million have been paid in my desire to get rid of lingering tax problem and in the league’s desire to help boost the government’s tax drive," Encarnado also said.

"Ang nasa isip ko bayaran na lahat ng payables. Di bale na kami ang maghabol kaysa kami ang hinahabol," Encarnado added. "We’ve learned our lessons. We made it a point to cut down on expenses that will put the association in difficutl cash position later on."

The PBA has uncollected income totaling P300 million from previous broadcast partners Vintage Sports, Viva-Vintage and the NBN4-IBC13 consortium.

"Everything is not bad. In the first place, we felt better after settling our arrears. And we look forward to a good year following a wonderful series between Ginebra and Talk n Text in the last conference," said Encarnado.

"It was a classic series marked by a record gate attendance. There are surely silver lining to be seen," Encarnado added.

Meanwhile, Barangay Ginebra said it is willing to let go of Rommel Adducul if there is a good trade offer from other teams.

"I’ll talk to Romel. If he’s really not happy with the team and there’s an acceptable trade offer, we’ll see. Pero siyempre hindi naman kami papasok sa one-sided deal," said Ginebra team manager Allan Caidic.

Meanwhile, coach Siot Tanquingcen and his Ginebra Kings took in stride reports that Adducul wants out, saying they would rather put their focus on the job at hand, determined to sustain their charge in the Gran Matador PBA Fiesta Cup.

Ginebra seeks to firm up its hold of the lead as it tangles with Shell in today’s 7:35 p.m. main game at the Araneta Coliseum. Purefoods plays Sta. Lucia Realty at 4:45 p.m.