Columbian Dyip. Photo by Tristan Tamayo/INQUIRER.net
MANILA, Philippines—Columbian is set to change its franchise name after company Terra Firma Realty Development Corporation assumed control of the PBA club.
The PBA Board approved the change on Wednesday after it convened at the league office in Libis, Quezon City.
“I submitted a letter of request to the Board in behalf of of the Columbian Autocar Corporation which owns the PBA franchise,” said team governor Bobby Rosales who presented the document on behalf of team owner Palawan governor Jose Alvarez.
“The request is to transfer the franchise to the sister company of Columbian Autocar Corporation and the name of the sister company is Terra Firm Realty Development Corporation. Both companies are owned and controlled by Alvarez,” added Rosales in the report from PBA.ph.
The team, Rosales said, could likely be known as Terra Firma Dyip but could still change depending on the company’s wishes.
A company reorganization led to the transfer of the franchise to Terra Firma, which owns the assembly plant of all the vehicles under the Columbian group.
“Top management decided to streamline its operations, that is the reason of the transferring of the franchise,” said Rosales, who is also the Board’s vice chairman.
PBA Board chairman Ricky Vargas said the Dyip’s franchise transfer could go on smoothly and the club just needs to submit two or three more documents to approve the change of ownership name.
The Dyip franchise was originally under the KIA Sorento brand when it joined the PBA in 2014 along with Blackwater as part of the league expansion to 12 teams.