Saying he was "pushed to the wall," Sy announced the sale after his team was threatened with fines and sanctions from both the PBA and the Games and Amusement Board (GAB) for a violation of strict health and safety protocols outside of the league’s closed-circuit approach to a restart.
"We were excited when it was announced that practices would be allowed. We had two players shooting around. What’s wrong with that? What did I violate? This is a non-issue for me and we will get sanctioned for that?" an emotional Sy said to Inquirer.net.
Just hours earlier, the PBA asked the six-year old ballclub to air its side after Sy bared in an online interview that the Elite have resumed workouts even before being given the green light by the league.
As reports began sprouting regarding the potential PBA and GAB sanctions, Sy admitted that "my heart is no longer into basketball and the PBA" and attached a PhP 150 million price tag to his franchise.
"That’s the minimum I am willing to sell it for," said Sy. "If someone is willing to buy, good. If not, we will continue playing in the PBA."
Blackwater is one of two expansion franchises accepted by the PBA in 2014, with each one costing PhP 120 million. In five seasons, the Elite made the playoffs thrice but never made it past the quarterfinal phase.
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