The PBA is where the big boys really play
Phoenix Petroleum Philippines Incorporated president and aggressive tycoon Dennis Uy is in the process of sealing a deal to acquire Columbian Autocar Corporation (CAC). CAC owns the franchise rights to PBA club team Kia Picanto thus making Uy own two franchises in the PBA.
The report of the sale was first published by Daxim Lucas of the Philippine Daily Inquirer while the story of Uy having two PBA teams was reported by Musong Castillo, also from PDI.
Last December 22, PDI reported that previous Kia owner Jose Alvarez was in talks with Uy about the possibility of selling the rights to the brand in the Philippines. Alvarez previously sold Autoallee Group Incorporated, the distributor of German brand BMW in the Philippines, to the San Miguel Corporation.
Castillo added six days later that the sale will also include the franchise rights of its PBA team.
The PBA board of governors have yet to approve of the deal however, the report added.
If the deal pushes through, Uy will join Ramon S. Ang and Manny V. Pangilinan as owners of multiple PBA teams.
Phoenix joined the PBA back in 2016 after it acquired the franchise of Energy Food and Drink, Inc. (Barako Bull).
Wednesday evening, the Phoenix Fuel Masters defeated Kia, 125-102 at the Ynares Center in Antipolo. This might be the last time the two teams face off against each other not as sister teams.
