CHICAGO - It looks like Starhorse Shipping Lines won't be sailing off to the PBA, after all.
Following months of speculation and talks, the maritime company's bid to purchase Terrafirma's PBA franchise looks like it's dead in the water, multiple sources told me on Monday night.
To corroborate the story, several calls were made and text messages were sent to PBA commissioner Willie Marcial, Terrafirma team governor Bobby Rosales, team manager Ronald Tubid, and Starhorse Basilan rep Jaxson Chua on Tuesday morning.
SOURCES SAY After MPBL and PBA, Starhorse dropping anchor in NCAA?
Curiousy, none took my calls or responded to requests for an interview.
I especially made sure to reach out to Rosales because he once called me to "set the record straight" on a story I wrote about former Terrafirma draft pick Jordan Heading back in November of 2024.
I figured Rosales would want to have a word about this Starhorse topic. I guessed wrong.
SALE IN DOUBT
As previously reported by SPIN.ph colleague Gerry Ramos last February 23, Starhorse had a deal in place to purchase the Dyip for around P100 million. A Letter of Intent from Starhorse is aleady in the PBA's possession.
Sources bared that Seahorse's acquisition of the 11-year old Terrafirma franchise will easily get the required two-thirds vote from the PBA board once consummated, but the sale is far from done.
Although a Securities and Exchange Commission (SEC) financial statement indicates the robust financial health of Starhorse Shipping, there are apprehensions regarding the huge resources required not only to acquire a PBA team but also to run its day-to-day operations.
"Kami nga, our budget is around P10 million [a month], inclusive of players' payroll and other expenses," a PBA team owner, who requested anonymity, told me in a telephone interview.
But in a previous interview, Jaxson Chua, who alongside Bernard Yang and Melo Navarro are the chosen representatives of Starhorse owner Merian Reyes in the PBA deal, insisted that the shipping company can carry the financial weight of owning and running a PBA franchise.
A STRONG FLEET.
There is no reason to doubt Chua, a successful entrepreneur with a vast portfolio that includes several businesses in the U.S.
Chua has been instrumental in the rebirth and rebuilding of the Basilan franchise, which returned to the MPBL this season after a four-year absence.
But in the end, sources bared the PBA is curiously more excited to get the Terrafirma sale done than the Starhorse camp itself.
So after 11 years of existence, one that is mired in the ineptitude of just two playoffs appearances and countless one-sided trades, there's a strong chance Terrafirma will stay in the PBA beyond this season.
That is, unless the PBA is willing to negotiate with another potential buyer who, I swear, is more eager than Starhorse to be part of the league.
Guess who?
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