PBA Halts Terrafirma Franchise Sale to Starhorse Over Financial Non-Compliance
Source: news.source.inquirer
The Philippine Basketball Association (PBA) has officially terminated the proposed acquisition of the Terrafirma franchise by Starhorse Shipping Lines due to the latter's failure to meet financial and other necessary requirements. PBA Commissioner Willie Marcial highlighted that despite interest from other potential buyers, the deal with Starhorse fell through, leaving the future of Terrafirma uncertain as it continues to compete in the ongoing PBA Philippine Cup.
Key Points
The PBA confirmed the collapse of the deal between Terrafirma and Starhorse Shipping Lines.
Starhorse failed to comply with PBA's financial and other requirements.
The deal was initially agreed upon in February but required league approval.
Starhorse has been active in basketball, supporting teams in the MPBL and NCAA.
Terrafirma, an expansion team since 2014, faces uncertainty in its ongoing campaign in the PBA Philippine Cup.
Three other companies have shown interest in buying the Terrafirma franchise.
