Phoenix wins, acquires Kia
Photo by Tristan Tamayo/INQUIRER.net
ANTIPOLO—For all intents and purposes, Phoenix Petroleum won its final PBA game with Kia Picanto as adversary Wednesday night. The next time they play against each other, they will be labeled as sister teams.
Getting eight players in twin digits, the Fuel Masters peeled away from the Picanto and scored a 125-102 win in the Philippine Cup at Ynares Center here.
The victory came as top brass from both companies end negotiations where Phoenix will buy the Kia brand in the country lock, stock, and barrel.
And that includes the PBA team, according to a highly placed source, who spoke on the condition that he’s not identified.
“They are doing the due diligence as we speak,” the source said. “I just don’t know the exact figure (of the sale), but both parties have already agreed in principle and the sale will push through, with the PBA team included in the deal.”
Sale of PBA franchises still needs approval of the board, and if this pushes through, Dennis Uy will have two teams in the league and will become the third owner with multiple teams after tycoons Ramon S. Ang of San Miguel Corp. and Manny V. Pangilinan of PLDT.
The Fuel Masters dropped 35 third-quarter points and completely took the fight out of the Picanto as they scored their first win in the Louie Alas era and snapped a 10-game losing streak dating back to last season’s Governors’ Cup.
San Miguel Beer also turned back a pesky Meralco side in the nightcap, 103-97, for a 2-0 start.
Alex Cabagnot powered the Beermen with 29 points as San Miguel gained a share of the lead with NLEX.
