Terrafirma guards Stanley Pringle and Terrence Romeo during the PBA Commissioner’s Cup. –MARLO INQUIRER.net
Starhorse Shipping Lines has agreed to take over the franchise of Terrafirma by the end of the ongoing PBA season, sources said Sunday.
A deal was reached between both sides a week after Starhorse submitted a formal letter of intent to the PBA followed by subsequent talks with Terrafirma executives.
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But under the terms, the Dyip will still compete in the season-ending Philippine Cup before bidding goodbye to their nine-year run in the big league.
The sale, however, requires an approval from the Board of Governors with a two-thirds vote.
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PBA officials are expected to tackle the matter at the soonest possible time.
One source didn’t disclose the amount of the purchase, but it is under the impression that it is around the same figure as the one Converge paid to Alaska when it took the company’s fabled franchise in 2022.
READ: PBA: Competitive start for Terrafirma ‘nothing to celebrate’ for
Converge was said to have paid Alaska at least P100 million.
Starhorse has been active in the local basketball scene recently, serving as chief backer of the returning Basilan squad in the upcoming MPBL season.
Terrafirma’s PBA run has been marred by only two quarterfinal appearances since joining as an expansion ballclub under the Kia banner in 2014.
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