My opinion here, and I may be wrong, is that any PBA team which would want to sell its PBA franchise, is allowed to look for its own buyer even prior to the approval of the Board. There have been a couple of precedents of such in the past - Toyota's Jack Rodriguez having sold the Silverio franchise to Basic Holdings, Inc. of Lucio Tan in 1984, Sta. Lucia buying the Presto franchise in 1993, and yes, Meralco taking over Sta. Lucia in 2010. This is not uncommon, but any franchise sale would need approval by at least a 2/3 vote of the PBA Board. Hence, even if a sale was made between Powerade and the San Miguel Group but this was denied by the PBA Board, then SMC has no choice but to return the payment to Powerade who then would continue looking for potential buyers of its franchise. They can sought the help of the PBA in this regard, but then, the franchise value would be diminished significantly.
One reason why the PBA allows the disbanding team to look for its own buyer is to ensure that they get more value from the sale. If they sell the team on their own, and assuming they still have talented players in their lineup, then the stock value of the franchise would be much higher. Toyota disbanded after the 1983 season and they were able to get so much out of the sale because the superstars were still around. Unfortunately for Basic Holdings, Inc, Jaworski and Arnaiz balked at the sale and they didn't join Beer Hausen, instead, going to Ginebra. Arnie Tuadles and Chito Loyzaga both went to Great Taste, only to rejoin Jaworski and Arnaiz in Ginebra in 1985, while Abe King became the first "franchise" player in the PBA when he was collared by Gold Eagle Beer a few days before the announced disbandment. Those that Beer Hausen got from the sale was Fernandez (the main target) and role players Emer Legaspi, Tim Coloso, Ed Cordero, Pol Herrera, among others.
Probably the best deal that any PBA team got was the Purefoods Hotdogs. When they joined the PBA, the league was in a tight fix. They only had 6 teams and with Tanduay disbanding after the 1987 season, having 5 active teams would mean practical closure of the league. Enter the Ayala Group. Because the PBA was at a terrible situation to negotiate, Purefoods was able to maximize since Tanduay had to disband without offering the team to any potential buyer. Hence, it was the PBA that had to look for a buyer. Purefoods inquired, and got what they wanted. They only paid the franchise application fee to the PBA, which is actually cheaper compared to buying an existing team. Example - if SMC wanted to buy a new franchise, they would have to cough up P60M for franchise fee application. However, they won't get much concession from the league - probably get to directly hire 3 to 5 rookies without them going through the draft, and taking players from a blind dispersal draft taken from players that were brought into a pool by the 10 other teams. This was what happened to Red Bull and Rain Or Shine when they joined the league. They were allowed to elevate players from the amateur ranks but got crumbs from the dispersal draft as they were not allowed to know who these players were. Purefoods, on the other hand, was lucky in 1988. They only paid the franchise fee, but got concessions by absorbing the Tanduay team that was a championship team made up of then 3-time MVP winner Ramon Fernandez (who eventually would win the 1988 MVP plum), Freddie Hubalde, Padim Israel, Willie Generalao, Onchie Dela Cruz, JV Yango, Joshua Villapando, three amateur direct hires (turned out to be 4-time MVP Alvin Patrimonio, 1988 ROY Jojo Lastimosa, and Defensive Team of the Year mainstay Jerry Codinera) and the top draft pick for that season (turned out to be Jack Tanuan). From the getgo, Purefoods became a championship team after acquiring all these players. Simple reason was that the league was in a poor position to negotiate as they needed Purefoods more than Purefoods needed the PBA back then.
One reason why the PBA allows the disbanding team to look for its own buyer is to ensure that they get more value from the sale. If they sell the team on their own, and assuming they still have talented players in their lineup, then the stock value of the franchise would be much higher. Toyota disbanded after the 1983 season and they were able to get so much out of the sale because the superstars were still around. Unfortunately for Basic Holdings, Inc, Jaworski and Arnaiz balked at the sale and they didn't join Beer Hausen, instead, going to Ginebra. Arnie Tuadles and Chito Loyzaga both went to Great Taste, only to rejoin Jaworski and Arnaiz in Ginebra in 1985, while Abe King became the first "franchise" player in the PBA when he was collared by Gold Eagle Beer a few days before the announced disbandment. Those that Beer Hausen got from the sale was Fernandez (the main target) and role players Emer Legaspi, Tim Coloso, Ed Cordero, Pol Herrera, among others.
Probably the best deal that any PBA team got was the Purefoods Hotdogs. When they joined the PBA, the league was in a tight fix. They only had 6 teams and with Tanduay disbanding after the 1987 season, having 5 active teams would mean practical closure of the league. Enter the Ayala Group. Because the PBA was at a terrible situation to negotiate, Purefoods was able to maximize since Tanduay had to disband without offering the team to any potential buyer. Hence, it was the PBA that had to look for a buyer. Purefoods inquired, and got what they wanted. They only paid the franchise application fee to the PBA, which is actually cheaper compared to buying an existing team. Example - if SMC wanted to buy a new franchise, they would have to cough up P60M for franchise fee application. However, they won't get much concession from the league - probably get to directly hire 3 to 5 rookies without them going through the draft, and taking players from a blind dispersal draft taken from players that were brought into a pool by the 10 other teams. This was what happened to Red Bull and Rain Or Shine when they joined the league. They were allowed to elevate players from the amateur ranks but got crumbs from the dispersal draft as they were not allowed to know who these players were. Purefoods, on the other hand, was lucky in 1988. They only paid the franchise fee, but got concessions by absorbing the Tanduay team that was a championship team made up of then 3-time MVP winner Ramon Fernandez (who eventually would win the 1988 MVP plum), Freddie Hubalde, Padim Israel, Willie Generalao, Onchie Dela Cruz, JV Yango, Joshua Villapando, three amateur direct hires (turned out to be 4-time MVP Alvin Patrimonio, 1988 ROY Jojo Lastimosa, and Defensive Team of the Year mainstay Jerry Codinera) and the top draft pick for that season (turned out to be Jack Tanuan). From the getgo, Purefoods became a championship team after acquiring all these players. Simple reason was that the league was in a poor position to negotiate as they needed Purefoods more than Purefoods needed the PBA back then.
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