By REYNALD MAGALLON
Starhorse has already bought the Terrafirma franchise lock stock and barrel and is already set to take over the team after the two camps finally agreed to terms according to a source privy to the negotiations.
The source confirmed to Manila Bulletin-Tempo that the two companies had already signed the deal and the shipping company based in Lucena already made a downpayment.
The sale, however, is still to be presented to the members of the PBA board and will need to get at least two-thirds of the votes to make it official.
The Dyip franchise is still expected to play in the season-ending Philippine Cup before formally transferring the ownership to Starhorse by next season granting it gets the green light from the PBA Board.
The sale marked the end of Terrafirma’s tenure in the PBA after it became one of the two expansion teams of the league in 2014 under the KIA banner, along with Blackwater.
The franchise was then transferred from the Columbian Autocar Corporation to its affiliate company Terra Firma Realty Development Corporation hence the name change to Terrafirma in 2020.
