K
kgi2
Guest
any development on the PETRON-POWERADE trade?
oh yeah. i didn't get why they didn't allow meralco to do that.
in my understanding, sale can be done before putting it into board approval. of course its not final as it is not offical yet without the board approval. sale will only be consummated with the approval. so there is nothing illegal if there was already agreement between coke and smc prior to presenting it to the board. in my understanding, its not just the "intention to sale" that is to be approved. but the sale itself. if its just the "intention', then even with approval, any one of the 2 parties can run away from that "intention" as it is not binding. but im no lawyer or businessman so mine is the understanding of a student.
I thank the Coca-Cola Bottlers Phils Inc. for responding to our request to clarify media reports on the purported sale of its PBA franchise.
Through a letter addressed to the PBA Board of Governors dated February 13, 2012, Mr. William Schultz, President and Chief Executive Officer of CCBPI, categorically stated that:
1. its franchise has not been sold and that the ownership, operation and management of the Powerade team remain intact under CCBPI control;
2. it will follow the proper process should it decide to consummate the sale of its franchise, namely by first notifying and requesting approval for a sale from the PBA Board of Governors;
Allen Iverson has offers from Philippines?
http://www.sportando.net/eng/world/..._to_make_a_formal_offer_to_allen_iverson.html
salud's post is still consistent with my assumption. plus it has been done before (pls refer to my previous post involving slr's franchise sale to meralco). so even if the policy is there, a team can still sell their franchise (at the least an agreement) before filing for approval. i remember that the news about powerade's supposed sale to smc has been circulating for sometime now but nobody raised a howl and no governor called for a special meeting on the supposed sale. it happened only when the other news came up, the trade between powerade and petron. the consummation of the sale can be vetoed but not a trade (if already been approved by the commish).
i wouldn't call it a "sale" if its not a complete sale. it clearly stated prior to deciding to consummate. and MOU is not a sale in my book.
then its a question of operational definition. but just the same, i want to be clarified on d article i posted previously on the slr's franchise sale to meralco as it seems that on that particular case, meralco bought the franchise (paid slr) already prior to board approval.
i don't think its legal. do you have any proof or perhaps a news article that meralco bought(paid in full) the franchise before slr sought approval of the board?
How do I buy tickets to a Philippine Basketball Association (PBA) game in Araneta Coliseum in Cubao Philippines.
http://insidesports.ph/basketball/sta-lucia-realty-franchise-sold-to-meralco/
STA LUCIA REALTY FRANCHISE SOLD TO MERALCO
Posted on 25 July 2010
An economic crunch and the fact that its real estate business doesn’t fit into the marketing possibilities associated with the professional basketball league - the PBA – Sta Lucia Realty has sold its franchise to Meralco which will join the pro league in its new 2010-2011 season.
Negotiations between the two parties have been going on for some time now and Insidesports.ph, Standard Today and Viva Sports learned that the deal was consummated last Friday evening and the final installment paid to the Realtors owners headed by Exequiel Robles.
Sta Lucia had remained in the PBA since 1993 when Robles and team manager and former PBA chairman Buddy Encarnado who are both passionate followers of basketball and players themselves acquired the franchise from Universal Robina Corporation, one of the founding members of the PBA in 1993. UFC had won six PBA championships with Great Taste Coffee strining together four championhips in an unprecedented run and Presto Tivol Ice Cream.
Sta. Lucia’s contribution to basketball dates back to the the 1980’s in the Philippine Basketball League where gangling center Marlou Aquino was one of their stars and still remains with the Sta Lucia squad coached by Boyet Fernandez.
Sta Lucia’s last championship, its second in the PBA, was when the team won the 2007 Philippine Cup beating the fancied Purefoods Tender Juicy Giants in a seven game series in which Dennis Espino was named Finals MVP andhigh-flying Kelly Williams emerged as the league’s Most Valuable Player.
It soon became apparent that Sta Lucia was trading its key players because of financial problems in maintaining a top-class competitive team and rather than tarnish its reputation as a leading PBA ballclub the owners decided to sell its franchise with Meralco a ready and willing buyer.
The agreement between Meralco and Sta Lucia Realty will have to be formally submitted to the PBA board of governors which is almost certain to approve it.
Meralco has been described as a team with “pedigree” and is expected to fire the imagination of basketball fans as the hardcourt rivalry between teams owned by San Miguel Corporation and businessman-sportsman Manny Pangilinan continues with San Miguel Beer and Talk N’ Text, both semi finalists in the on-going conference gearing for a championship showdown provided they can get past Derby Ace and the Alaska Aces.
One other problem confronting the PBA is the status of Barako Bull whose financial problems have also borne down on its ability to maintain even the semblance of a competitive squad although the coach and their players continue to give it their best shot.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Reality is that in Business even in basketball not everything that is happening is legal and not everything is divulge in public. Just watch the on-going Impeachment Proceedings where everyone there is actually no saint.
i don't think its legal. do you have any proof or perhaps a news article that meralco bought(paid in full) the franchise before slr sought approval of the board?
pls refer to nardy's post above.
oh great.now im confused. why are they asking coke to seek pba board approval before consummating the sale when meralco and sta lucia consummated the deal even before it was raised to the board?
“He wasn’t replaced as governor, but he has resigned from the company, meaning that he’s also no longer board governor of the squad,” said Avelino in a telephone interview.
A Powerade team insider said he was taken by surprise by the swiftness of Baylon’s decision.
“We were expecting him to be with us until end of February, but we were surprised that it happened so fast,” he said.
Last Tuesday, Baylon posted a cryptic message on his Twitter account: “A heavy load is off my chest: love the TRUTH and be FREE! Happy Valentine’s Day to all!”
“Flag should come first, especially for us, a multinational [corporation] doing business in the Philippines,” said Baylon. “It is our way of paying respect to the country which has so generously hosted us.”
It seems Baylon is conveying a strong message ...... despite attempts to silence him.
In the end lets hope "Truth shall prevail"