THE PBA franchise of NorthPort is finally being taken over by a food solution provider specializing in custom food manufacturing.
As per multiple sources by SPIN.ph, negotiations for the sale of the franchise lock, stock, and barrel between the Batang Pier and the team’s official buyer Pureblends Corp. was completed to the tune of P90 million, reportedly paid in two tranches.
Both parties agreed on the buyout over the weekend as the new management took over the franchise starting Sept. 1.
COLUMN: Are PBA doors still open for a Greg Slaughter comeback?
The acquisition though, still needs a two-third vote from the entire PBA board, which convenes on Wednesday and with the NorthPort franchise sale a part of its agenda.
Likewise, there is a lockout provision giving member teams the right to veto an application of a direct competitor, although league sources said San Miguel Corp, which is also into food manufacturing, appears willing to approve the entry of a rival company.
A source privy to the negotiations said it remains uncertain if the new team will carry the Pureblends brand.
“May mga incorporators din kasi yung bagong team and hindi pa nila napag-usapan kung yun nga ang dadalhin nila pangalan,” said the same source.
Pureblends is listed as owned by Bryann Calantoc, who played high school ball at Grace Christian High and is a contemporary of Justin Chua (Chiang Kai Shek) in the Tiong Lian Basketball Association.
Calantoc studied later at University of Santo Tomas and played in the alumni league of the Pinoy Liga.
A friend of Northport coach Bonnie Tan, he also once backed a team in the MPBL and formed a team in the Pilipinas Super Liga carrying the brand Pureblends-Similan Black Fox which had for its players the likes of James Martinez, Kyle Neypes, Jan Jamon, and Shaq Alanes, with Raymond Valenzona as coach.
NorthPort assets
As one of the franchise’s final acts, NorthPort conducted a two-day tryouts last week at the Winterpine Basketball Court in Quezon City for free agent players and rookie prospects in the coming Season 50 draft.
The remaining players of the Batang Pier incidentally, were already asked to report on the first day of practice on Monday.
Those with existing contracts include Calvin Abueva, Joshua Munzon, Cade Flores, Evan Nelle, Fran Yu, and James Kwekuetye, while expirees include Jio Jalalon, Damie Cuntapay, Jerrick Balanza, Sidney Onwubere, and Avan Nava.
Still to be decided is whether to retain the current coaching staff headed by Tan, although sources said management is leaning towards having new personnel to come in and handle the team.
Once it gets the nod of the board, it officially signals the end of the road for the Batang Pier, who came into the league in 2012 after the Sultan 900 Inc. of team owner Mikee Romero purchased the Powerade franchise.
Get more of the latest sports news & updates on SPIN.ph
NOTICE ON UNAUTHORIZED AND UNLAWFUL USE, PUBLICATION, AND/OR DISSEMINATION OF SPIN.PH CONTENT: Please be notified that any unauthorized and unlawful use, publication, and/or dissemination of Spin.ph’s content and/or materials is a direct violation of its legal and exclusive rights to the same, and shall be subject to appropriate legal action/s.
