Barako Bull, Phoenix agree on sale of PBA franchise
MANILA, Philippines – Barako Bull and Phoenix Fuel have reached a deal for the transfer of the ownership of the Energy franchise to the petroleum firm for no less than P100 million.
The PBA board of governors convenes in a special meeting at 11 a.m. Wednesday to decide on the approval of the proposed franchise sale.
A two-thirds vote of the league board is needed for the formal approval of the sale.
“The two parties have had an agreement. But the board has to look on the proposed deal,” PBA board chair Robert Non told The STAR.
“There’s a meeting of minds between Barako Bull and Phoenix. Hopefully, the league board approves the agreement,” a Barako Bull insider said.
The two parties had had a previous sale agreement but didn’t get the approval of the board with San Miguel Beer then playing under the Petron Blaze banner.
Phoenix, a new player in the petroleum industry, is hopeful of finally acquiring a PBA franchise.
“A new franchise is worth P100 million. Barako Bull is obviously to get more than that because it has an existing organization,” The STAR source said.
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