Barako Bull guard RR Garcia. Tristan Tamayo/INQUIRER.net
Barako Bull is on the verge of leaving the PBA as management is reportedly entertaining an offer from an unspecified corporation to buy its league franchise.
Linaheim Corp. owns majority of the Barako Bull franchise, coming to the rescue of the financially strapped team several seasons back when it took a leave of absence.
Linaheim is a member of businessman Bert Lina’s conglomerate, which used to own the Air21 Express before the team was sold lock, stock and barrel to NLEX, a member of a group of companies controlled by tycoon Manny V. Pangilinan.
Barako Bull is said to have been barely surviving to compete.
Phoenix Petroleum is reportedly knocking at the doors of the PBA again, although
Inquirer sources said this is a long shot considering that Petron, a direct commercial competitor, is owned by San Miguel Corp., which would surely shoot down such a move.
Lamoiyan Corp., the company that manufactures Hapee Toothpaste, has a pending application with the PBA, although the league has said that expansion franchises will not be admitted at this time after the league approved the entry two seasons ago of Mahindra and Blackwater.
Should the sale push through, the league’s board of governors will still vote for the franchise to be transferred. The buyer would need two-thirds of the vote of the 12-team board.