Philstar
What we know so far: Terrafirma's impending PBA franchise sale
The sale of PBA franchise Terrafirma Dyip to the Zamboanga Valientes is progressing after the buyer submitted a Memorandum of Agreement following a Letter of Intent.
PBA commissioner Willie Marcial confirmed the MOA and stated that the next step involves settling financial terms.
As part of the deal, Zamboanga must provide a P100 million cash bond over five years, which is non-withdrawable unless the franchise breaks its commitment to remain in the PBA.
Terrafirma governor Bobby Rosales mentioned that previous negotiations with Starhorse Shipping did not materialize, but Zamboanga emerged as the frontrunner among three other interested parties.
The Valientes, owned by Junnie Navarro, revealed that the agreement was mutual to make the sale.
Navarro, along with Kings Asia Pacific President Cory Navarro and Crewsharp CEO Trevor Crewe, led the negotiations.
Valientes principal Junnie Navarro plans to update the media on the sale after the elections.
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