MANILA—TV5 is standing pat on the network’s offer of P650 million cash to assume the Philippine Basketball Association TV franchise for five years starting next season.
The rest of the P917 million it had initially bid will come in the form of a sustained campaign to promote and merchandise the pro league to arrest dwindling crowds and a downswing in TV ratings (P150 million) and advertising spots for PBA member teams (P117 million).
“We are standing by our offer of P650 million cash,” said network owner and businessman-sportsman Manny V. Pangilinan in a telephone interview with the Inquirer yesterday.
He explained that with the last-minute withdrawal of ABS-CBN from the bid and TV5’s offer, which did not conform to the Terms of Reference of the PBA, the bidding for the TV franchise was technically a failure.
Talk ‘N Text governor Ricky Vargas clarified that under a failed bid there are two options available: Negotiate with the lone bidder, TV5, or call for a re-bidding.
Faced with the new TV5 proposal, the PBA board had initially directed commissioner Chito Salud to explore a possible co-production venture with ABS-CBN’s Studio 23, where the games were telecast by Solar Sports in recent months, and GMA’s news and sports channel.
But in yesterday’s board meeting, Salud and the league decided to pursue further meetings with TV5 to clarify the issue. He said meetings with other networks were merely the league’s Plan B in case talks with TV5 bogs down.
“The board wants to give TV5 every chance to conclude this agreement with the PBA and that’s why we are going to sit down with them at the soonest possible time, within the week if possible,” said Salud.