Phoenix Fuel, a flourishing petroleum company based in the south, is soon to become the newest member ballclub of the Philippine Basketball Association.
The Dennis Uy-owned firm, sponsor of the league in its out-of-town series in the last three years, is purchasing the Barako Bull franchise pending the approval of the PBA board of governors.
Since Barako has dealt away its marquee players, sources said Phoenix is purchasing the franchise way lower than the normal market value of P60 million.
The Barako Bull management has informed the Commissioner’s Office of the franchise sale prospect, and commissioner Chito Salud has relayed the message to the nine other PBA teams.
The board is likely to decide on the matter in their meeting this March. Under the league by-laws, franchise sale is subject to the approval of the board.
If approved, Phoenix pays the league a separate acceptance fee of P6 million.
Phoenix and Barako see no hindrance on their purchase deal even as San Miguel Corp. owns a petroleum company in Petron.
SMC is a major block in the board with three votes, being the owner of San Miguel Beer, Barangay Ginebra and B-MEG Derby Ace.
If ever, Phoenix will be the second petroleum company to play in the PBA after Shell Pilipinas from 1985 to 2005.
The Energy Food and Drink Co. of George Chua, meanwhile, bids the PBA goodbye after 11 years of participation in the country’s premier pro league.
After a prestigious run in the PBL, Barako (then known as Red Bull) moved up to the PBA and had its glory days with three championships and several runner-up finishes in a five-year period starting in 2001.
Chua was recipient of the Executive of the Year award in 2002 while Yeng Guiao was winner of the Coach of the Year honors in 2001.
Barako developed players like Junthy Valenzuela, Lordy Tugade, Mick Pennisi, Rico Villanueva, Cyrus Baguio, Celino Cruz and Jimwel Torion but was forced to trade them away after the company was hit by the economic crunch.
Despite losing campaigns in 2008-09 and 2009-10, Barako has had a high win-loss mark of 253-244 (.509) through last season.
Only Alaska Milk and San Miguel had better winning percentage among active PBA teams.
Before entering in a deal with Phoenix, Barako took a leave of absence to pave the way for Smart Gilas’ participation in the ongoing Commissioner’s Cup.
Meanwhile, the Commissioner’s Office formally nixed yesterday the trade deal between Air21 and SMB involving Rabeh Al-Hussaini, Noy Baclao and Rey Guevarra for Danny Seigle, Mick Pennisi, Joseph Yeo plus a future draft pick.
Pow Salud Studio 