Lina group takes over Barako Bull franchise

MANILA, Philippines - The Lina Group of Companies (LGC) could well become a third group – next to San Miguel Corp. and Smart PLDT – to own more than one ballclub in the Philippine Basketball Association.

A reliable source said Bert Lina’s holding company, the Air21 Express owner, has had a gentleman’s agreement with the Energy Food and Drink (EFD) Corp. for the former’s takeover of the Barako Bull franchise.

LGC is reportedly buying the Barako Bull Energy Boosters for a little over P50 million.

“Mr. Bert Lina wants to help the league. Everyone is saying that 10 is the ideal number of teams for the PBA. Mr. Lina is buying Barako to ensure that the league has that number for next season,” said The STAR source.

“That’s the main idea. He can maintain these two teams or sell one if there is already another corporation interested to buy a PBA franchise,” the same source added.

Barako Bull has been allowed to take a leave of absence only up to the end of the current season. It must reactivate in the next season or it loses its franchise and all its rights as league member.

EFD had had an agreement with Phoenix Petroleum but they didn’t get the PBA board approval for the franchise buyout.

LGC’s purchase of Barako will also be subject to the approval of the board.

Barako Bull needs at least two-thirds vote (seven out of 10) of the board for the sale to be consummated.

If ever LGC will be the second group to have at least two teams in the PBA. SMC has Petron Blaze, Barangay Ginebra and Derby Ace while Smart-PLDT has Talk n Text and Meralco.

EFD officials has admitted it would be difficult for them to continue maintaining a ballclub at the moment while locked in a legal battle with their main principal TC Pharmaceuticals Industries Co., manufacturer of Red Bull in Thailand.

Barako has been on leave since the second conference where it gave way to Smart Gilas’ guest participation in the league.