THE buyout of the Alaska franchise by Converge is almost complete.
The two firms apparently already reached a deal that will have the company owned by Pampanga billionaire Dennis Anthony Uy taking over the multi-titled team lock, stock, and barrell.
The deal is worth more or less P100 million, sources said.
Uy is currently in the US for a business trip, further raising speculations that negotiations were completed there with the US-based Uytengsu.
Bilyonaryo.com first reported the buyout, adding the sale has already been approved by the PBA board.
Up for PBA board approval
But a high-ranking team official said the sale is still up for board approval.
PBA commissioner Willie Marcial would neither confirm nor deny the sale, only saying that Alaska is deep in talks with a potential buyer which he refused to identify.
To clear the air, Marcial is set to hold a press conference during halftime of the first game of the PBA Governors' Cup doubleheader on Wednesday to discuss the sale.
But even before that, the new management is reportedly set to meet with the entire team on Thursday for an initial getting-to-know meeting
According to the Bilyonaryo.com report, Converge has been asked by the PBA to submit a P100 million membership bond for five years, a P7 million deposit as equity, and a P7 million transfer fee.
Alaska played its final PBA game last Saturday when it lost to NLEX in their do-or-die game for the final semifinals berth in the season-ending meet.
Uytengsu wasn't around, but Alaska officials said he's scheduled to arrive in the country to meet the entire team for one last time.
Alaska first came on board Asia's pioneering pro league in 1986 and won 14 championships along the way, including a grandslam in 1996 out of 31 Finals appearances.
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