MANILA—The Philippine Basketball Association’s board of governors unanimously accepted the TV5 offer while making Bert Lina as the new multi-team owner in the league after a whirlwind meeting Friday.
TV5, the emerging power in the television industry, will be the league’s coveror for the next five years starting next season after tendering an offer that would amount to close to a billion pesos counting marketing and other promotional perks.
The cash component of the deal will be for P700 million.
“I’m excited to work with TV5 as our new marketing partner and coveror,” commissioner Chito Salud said after the meeting that took no more than 45 minutes at the league’s offices in Libis, Quezon City.
“The PBA leadership is looking forward to this partnership as a means of bringing the league to the next level in terms of awareness, fan base and prestige.”
TV5 will not only handle television and marketing for the PBA, but the D-League as well while also running the show in radio.
“I’m just glad that the board was unanimous in its decision,” PBA chair Rene Pardo of B-Meg said as he thanked TV5 for accommodating several requests from the league that improved the TV5 offer.
Meanwhile, Lina became the third man to own multiple teams in the league after Manny V. Pangilinan of PLDT and Ramon S. Ang of San Miguel Corp. after his purchase of the disbanded Barako Bull franchise was also approved by the board.
Lina has yet to announce what team he will field in lieu of the Barako Bull squad, although reports have it that Burger King will most likely earn the spot.