Starhorse Shipping Lines and Terrafirma have agreed in principle to a full acquisition of the latter’s PBA franchise — lock, stock, and barrel.
The deal, valued at slightly over P100 million according to multiple sources closely monitoring the situation, was finalized on Saturday afternoon, with Starhorse chairperson Merian Reyes signing the agreement alongside franchise owner Jose Alvarez.
Now, it falls to current Dyip governor Bobby Rosales to secure approval from the PBA Board of Governors for the transfer of ownership.
One key hurdle in the approval process is obtaining clearance from Manila North Harbour Port, Inc. — the owner of the NorthPort franchise — since Starhorse operates within the same industry.
Terrafirma and Starhorse have one full conference to complete all the requirements and gain approval.
In the meantime, the Dyip will compete one last time in the PBA during the 2025 Philippine Cup.
Additionally, with the transition underway, Terrafirma is prohibited from making any player transactions until the league reaches a final decision.
Starhorse, on the other hand, will not have luxury of directly hiring its players from its MPBL team Basilan unless they have already entered the PBA Draft prior.
For now, Starhorse — eager for its PBA debut — plans to compete under the moniker “Sea Titans” once it officially enters the league.
Among Terrafirma’s key assets are rookie Mark Nonoy, the rights to Christian Standhardinger and Roosevelt Adams, and the potential No. 1 pick in the 2025 PBA Draft.
