IS the deal for the sale of Terrafirma franchise to Starhorse Shipping Lines off?
Apparently the deal will no longer push through as the interested buyer of the Dyip team is reportedly having a hard time complying with certain terms laid out by the PBA board, according to SPIN.ph sources.
COLUMN: Sale of Terrafirma's PBA team to Starhorse suddenly in doubt?
Starhorse has been given several ultimatums to comply with the conditions, but couldn’t fulfill the requirements, the source added.
Sought for comment, former league vice-chairman and Terrafirma team governor Bobby Rosales declined to give a formal statement about the ongoing negotiations which began as early as February.
But sources privy to the situation said the PBA Commissioner’s Office is set to make an announcement on the matter soon.
For a while it appeared the buyout reportedly at a price of P100 million wouldn’t have any glitch as Starhorse representative Jackson Chua and Rosales already held preliminary talks, and later on, submitted a formal Letter of Intent (LOI) to the PBA about seriously taking over the Terrafirma team.
During the course of its presentation, the firm though failed to repeatedly conform on certain provisions being asked by the Board, whose two-thirds vote and approval are needed for the sale to be completed lock, stock, and barrel.
There were actually prior arrangements already made between Terrafirma and Starhorse that seemed to make the deal smooth and academic.
Among them was the non-trading of any pieces or assets of the Dyip franchise to other PBA teams during the course of the application, and Terrafirma playing its final conference in the league during the Philippine Cup of Season 49 after Starhorse declined to take over the franchise right away.
Starhorse instead, eyed to make its PBA debut by the new season in October in time for the golden anniversary of the league.
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