THE countdown begins for Mikee Romero as the PBA board is set to decide by Friday his application for a dream franchise in Asia’s pioneering pro league.
On Wednesday, the Office of the Commissioner formally received the deed of assignment and other pertinent papers on the complete buyout of the Coca-Cola Bottlers Philippines Inc. by the Sultan 900 Capital Inc., the investment company chaired by Romero himself.
League commissioner Chito Salud is now in the process of reviewing the transaction papers that reportedly cost the wealthy businessman-sportsman close to P100 million.
PBA media bureau chief Willie Marcial said the league is not in a position to divulge the exact amount Romero paid for the franchise lock, stock, and barrel. But a person close to the Harbour Centre owner confirmed an earlier report by spin.ph that the team is worth about P100 million
Meralco was the last team to buy a PBA franchise in Sta. Lucia back in 2010, costing the power company P60 million.
Buying a new PBA franchise is worth P60 million nowadays, although buying an existing team really costs much more.
“Generally, yes. Mas mahal ang bumili ng team,” Salud said following his initial talk with Romero two months ago when the potential team owner first brought up the idea of acquiring a franchise in the league.
Marcial said the PBA board will have a special meeting on Friday to decide on the application of Sultan 900 Capital Inc. as the league’s 10th member team. At least two-thirds vote is needed or about seven teams to get the nod of the board under new chairman Robert Non.