Starhorse’s PBA entry dead in water

The entry of Starhorse Shipping Lines in the Philippine Basketball Association (PBA) is off.

PBA commissioner Willie Marcial told DAILY TRIBUNE that Starhorse failed to meet some crucial requirements that will make them eligible to purchase the franchise of Terrafirma.

Marcial didn’t reveal the specific requirements that were not met but floated the idea that the company, which will use the moniker “Sea Titans” as a nod to its line of business, failed to have enough financial capability to consummate the deal.

“They failed to comply with some requirements, especially the financial aspect,” Marcial said in a telephone conversation on Thursday.

“Even Terrafirma, they mentioned that some of their requirements were not met. So what does it mean? It means that the sale of the franchise was not consummated because of financial reasons.”

Last February, the deal between Starhorse and Terrafirma already looked like a go.

In fact, Starhorse, through its representative Jackson Chua, and Terrafirma, through team governor Bobby Rosales, had already met a couple of times to discuss the possible sale of the franchise.

No specific amount was mentioned, but it appeared that the deal was already sealed as Starhorse was already in the process of soliciting approval from the PBA board of governors regarding the possible transfer of ownership that will be effective starting the league’s 50th season.

Still, Marcial was quick to move on, saying that three teams have already expressed willingness to buy the Terrafirma franchise.

“Three companies have already shown interest,” Marcial said, adding that the companies have already forwarded their Letter of Intent.

“They even visited our office to show that they are really serious to join us.”