By JONAS TERRADO
Letting go of its PBA franchise won’t be that quick for the Blackwater Elite if owner Dioceldo Sy pushes through with his plan.
While searching for a prospective buyer may be the easier part, the purchase will still need the approval of the PBA Board of Governors just like in the last 20 years when seven franchises were sold to new owners.
The plan to sell its franchise for a minimum of P150 million came after Blackwater was put in hot water after Sy revealed that several players took part in an unauthorized practice while practicing strict health measures.
Blackwater is facing sanctions not only from the PBA, but the Games and Amusements Board which also asked the team to explain what transpired during the said training.
Under PBA rules, Blackwater and the eventual buyer need the two-thirds vote from the board to complete the purchase.
San Miguel Corporation got the nod in 2001 and 2002 after acquiring Purefoods (from Ayala Corporation) and Pop Cola (from RFM Corporation), as well as Welcoat (now Rain or Shine) in 2006 when it bought the disbanded Shell franchise.
The original Barako Bull franchise already had an agreement with Phoenix in 2011 but was thumbed down by the league after failing to get the necessary votes. Barako eventually got the nod after the board agreed the team’s sale to Air21.
GlobalPort (now-NorthPort) bought the Powerade franchise in 2012 while Air21 sold its team in 2014 to NLEX.
Phoenix eventually made its PBA foray when the league gave the green light to buy the second Barako Bull squad midway into the 2016 season.
The Elite entered the PBA in 2014 as an expansion team after paying a franchise fee of P100 million.
