17 June 2014

NLEX To Acquire Existing Franchise

It has been reported already that NLEX is not entering the Philippine Basketball Association (PBA) as an expansion team after all.

The PBA announced on 16 June that the applicant team operated by Metro Pacific Investment Corp. has decided to enter the league by acquiring an existing franchise, which surprised many observers.

"Applicant team Metro Pacific Investment Corp.-NLEX today informed the PBA Office of the Commissioner that it has decided to enter the league by acquiring an existing franchise, in lieu of entering the league as an expansion team," the PBA said in a statement.

Although NLEX's application for an expansion franchise has been approved by the league board, its acquisition of an existing PBA team will still go through a vote by the body.

"We need to inform kasi Commissioner Salud of the development kasi ibang mode raw ito ng entry sa PBA. Hindi namin pwedeng i-apply yung approval sa amin ng board as an expansion (team)," said Dulatre in a Spin.ph article.

"So bale, dalawa na lang 'yung tutuloy na expansion. With NLEX, pinili namin to enter the PBA through an acquisition of an existing franchise," he added.

It was not revealed which of the current 10 participating teams in the PBA is involved in the looming buy-out, but the PBA said it already got the assurance from NLEX of its on-going negotiation with the existing franchise.

"They noted that they are in the process of finalizing the acquisition of the current member-ballclub," the league added.

It can be recalled that the newly-crowned DLeague Foundation Cup champion NLEX has asked the league for extension to make up its mind whether to enter as expansion or just buy an existing franchise. The extension was due on 16th June, the day NLEX was supposed to signify its real intent in the league.

As it turned out, NLEX opted to just buy an existing franchise even if it means going through another board approval.

League commissioner Chito Salud said NLEX will update the league as to further developments within a reasonable period after the last game of the targeted member-team in the on-going Governors' Cup.

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