MANILA, Philippines — Phoenix was quick to quash fears on the Fuel Masters’ status in the PBA following reports the company is considering to unload certain corporate assets as part of its “debt management and funding activities.”
Team governor Atty. Raymond Zorrilla assured that the Fuel Masters won’t be affected by the new “financial management strategy” Phoenix Petroleum Philippines, Inc. is set to implement.
“Not at all,” Zorrilla told The STAR on whether the company’s approach will have an effect on its five-year-old PBA franchise.
Phoenix, in a disclosure to the stock exchange, said its board of directors has given management the authority to enter into negotiations with third parties for the “possible transfer, sale, mortgage or disposition of certain corporate properties, assets or investments.”
“No plans (to sell). That was just part of our financial management strategy,” clarified Zorrilla, who reiterated the same in his conversation with Commissioner Willie Marcial.
“They’re not for sale, according to governor Zorrilla, and they’re here to stay in the PBA,” said Marcial.
The Fuel Masters, who entered the league in 2016, are coming into Season 46 riding the momentum of their semifinal finish in the last Philippine Cup bubble in Clark.
The squad engaged in big trades in the off-season, acquiring Chris Banchero from Magnolia and Vic Manuel from Alaska, and picked big man Larry Muyang at seventh in the last draft to upgrade its roster for the next tournament.