ANGELES CITY – The Philippine Basketball Association may give its go signal soon for Converge ICT Solutions (Converge) to take over the Alaska franchise as the latter bows out of the professional league after 35 seasons.
A source who requested anonymity said that the PBA Board is set to approve the sale of the franchise to Converge, a pure fiber internet provider in the country owned by Angeles City billionaire Dennis Uy.
With this development, he is joining his namesake and Davao-based businessman who owns the Phoenix Fuel Masters.
“They (Converge) just need to settle some requirements of the PBA like some performance and transfer fees,” the source said.
When asked how much Converge needs to post as deposits, the source said it “runs in the hundred million mark.”
The approval came after speculations that Converge may face possible opposition due to corporate rivalry. Under the existing policy of the PBA, a member team can exercise “lockout veto power” against a direct competitor and applicant team.
The current member team can raise objection to the sale of a franchise application from the same industry. The sale of a PBA franchise requires two thirds vote from 12 current ballclub owners sitting in the PBA Board of Governors.
Converge is a competitor of PLDT whose TnT Tropang Giga has been in the league for several years and is now playing in the semi finals of the on-going season.
However, Uy is known to be a partner of PLDT Chairman Manny V. Pangilinan in some joint business undertakings.
Converge has yet to make official its possible stint in the PBA in the next season. In an interview with this writer, Uy said that “the interest is there and we will make announcements in due time.”
The PBA has also not made any official announcement yet on possible sale of the Alaska franchise to Converge.