THE Philippine Basketball Association Board unanimously approved Barako Bull’s sale to Phoenix Petroleum Wednesday afternoon, formally making the oil company’s entry to the league official.
Following a special board meeting yesterday regarding the future of Barako Bull and the bid of Phoenix to purchase the ailing franchise and enter the league, the PBA Board, led by acting president and chairman Robert Non, stated that the deal between the two entities is approved.
In this case, Phoenix Fuel will completely absorb the Barako Bull franchise including its players and staff and it now depends on it on how it will reconstruct the team once it officially starts its takeover.
The PBA Board will meet with the owners and officials from Phoenix in another board meeting on Jan. 28 to formalize the transfer.
In early 2011, Phoenix already attempted to enter the league and purchase a franchise, but the PBA Board disapproved as San Miguel Beer used to go by the Petron team name, a direct competitor.
Phoenix will reportedly enter the league next season as Barako Bull is still set to finish its final season in the PBA.