FILE–Terrafirma Dyip in the PBA Commissioner’s Cup. –MARLO CUETO/INQUIRER.net
The PBA on Thursday confirmed the collapse of the deal that was supposed to see shipping company Starhorse take over the Terrafirma franchise beginning next season.
READ: PBA: Starhorse Shipping Lines takes over Terrafirma franchise
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PBA commissioner Willie Marcial said financial reasons were one of the factors in the deal not pushing through even as the league was able to get feelers from three companies as interested buyers.
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“Starhorse failed to comply with our requirements, especially in terms of financial,” Marcial said. “They also failed to submit necessary requirements to Terrafirma.”
Starhorse and Terrafirma came to terms last February, but still needed league approval in order to secure the sale.
The Quezon-based company had been active in the basketball scene in recent months, particularly its backing of the Basilan squad in the MPBL and the San Sebastian program in the NCAA.
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Terrafirma has been in the league since 2014 as an expansion team carrying the brand of Korean auto company Kia before switching names to Mahindra and Columbian.
But until its future is resolved, uncertainty is expected to cast a dark cloud over the Dyip’s ongoing campaign in the PBA Philippine Cup.
Terrafirma is currently at 1-3 and has dropped its last three games, including Wednesday’s 101-80 blowout at the hands of Barangay Ginebra.
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