Phoenix Petroleum gets PBA Board approval to take over Barako Bull franchise. Phoenix Petroleum is finally entering the PBA.
Phoenix, which had its application in 2011 denied, got the nod from the PBA Board on Wednesday with the PBA unanimously agreeing to approve the sale of the Barako Bull franchise to the petroleum company.
League chairman Robert Non announced this right after the board decision.
“The special board meeting was called today of governor Manny Alvarez of Barako on their intent to sell the franchise to Phoenix. The board came to a unanimous decision to approve the sale,” Non told sportswriters.
Non believes it’s a good time for Phoenix, which failed to get the requisite two-thirds of the PBA Board vote in its initial bid to join, to become part of the league.
“Four years past, approved Na sila at that point, rather more ngayon Na mas financially capable Na sila of sustaining a team within the PBA,” Non said.
According to Non, operations of the franchise are going to be transferred to Phoenix like a shot, not at the top of the season, one thing that went on before once the Lina cluster took over Saint George Chua’s recent Barako Bull franchise within the interior of associate degree in progress season.
“Their solely request was for them to require over like a shot this second conference, that was additionally approved,” Non said.
“May precedent Na before once Saint George Chua sold the franchise within the middle of the season. Ganun din home reserve nangyari with Phoenix and Barako Bull.”
The PBA Board can convene once more next week to fulfill with the officers of Phoenix crude oil.
“We would inform them what they’ll undertake like franchise fee. The deed of sale also will be submitted next week. we’ll see the letter of intent and therefore the money standing of the corporate,” the chairman side.
Part of the condition within the sale is to soak up the whole members of the Barako squad, together with their written agreement obligations.
“All the contracts gift Storm Troops team Na yun are going to be absorbed by the new owner,” Non added.
Phoenix’s participation in the PBA came as no surprise. Just recently, the group formed a team in the PBA D-League, something they will continue to maintain.
“They told me they will participate in both leagues,” said PBA Commissioner Chito Narvasa.