(From PBA Online)
For Sta. Lucia Realty board representative Manuel "Buddy" Encarnado, the idea of Meralco or the Manila Electric Company joining the Philippine Basketball Association (PBA) will be a good development to the league.
That is if indeed, Meralco is planning to join the league.
Last Wednesday, the Barako Bull representative to the PBA board said there is no ongoing negotiation regarding the possible purchase of the franchise by Meralco.
"We have no idea about it. There are no talks with Meralco or any other company. We're staying," said Raffy Casyao, the Barako Bull representative.
But The Bulletin source, who requested anonymity because of the delicate nature of the negotiation, reconfirmed that there had been talks, though still in the early stages.
Though Encarnado likes the idea of Meralco playing in the PBA, he hopes that Barako Bull stays on and continues to play in the league.
"I want Meralco in by all means. But as a board member, as much as possible, I want Barako Bull to stay," Encarnado told the Bulletin in a phone interview Thursday, reacting to a report that Meralco is eyeing a return to basketball.
Should the two camps agree to terms, the PBA board, currently chaired by Burger King's Lito Alvarez, have to approve it "by a simple majority vote and five (teams) will do."
The PBA has 10 teams, but only nine can vote.
Purefoods, which belongs to San Miguel Corp. (SMC) together with San Miguel Beer and Barangay Ginebra, regularly joins the board deliberations but it has no voting rights.
Meralco, the largest electric power distributor in the country, is a private firm controlled by the companies of business tycoon Manny V. Pangilinan through the Philippine Long Distance Telephone Company (PLDT), the Metro Pacific Investment Corp. and Piltel Group (50.3 percent).
SMC and Global 5000 Investment also have a 43 percent stake with Meralco, while the First Philippine Holdings owning 6.7 percent shares.
Talk 'N Text is owned by Pangilinan's company.
"It'll have to be approved by the board. Regardless of the personalities involved, every new franchise will have to be approved. The board will have to scrutinize it. A board approval is imperative," Encrnado said.
"Whether or not they (Meralco) will be buying a new franchise, or buy the franchise of Barako Bull, that's all together another story. It's between them," he added.
The possibility, though, of having Meralco looks good for Encarnado.
"Considering that it's Meralco, and considering its track record both in the MICAA and the PABL, it's a good development," he said.
For Sta. Lucia Realty board representative Manuel "Buddy" Encarnado, the idea of Meralco or the Manila Electric Company joining the Philippine Basketball Association (PBA) will be a good development to the league.
That is if indeed, Meralco is planning to join the league.
Last Wednesday, the Barako Bull representative to the PBA board said there is no ongoing negotiation regarding the possible purchase of the franchise by Meralco.
"We have no idea about it. There are no talks with Meralco or any other company. We're staying," said Raffy Casyao, the Barako Bull representative.
But The Bulletin source, who requested anonymity because of the delicate nature of the negotiation, reconfirmed that there had been talks, though still in the early stages.
Though Encarnado likes the idea of Meralco playing in the PBA, he hopes that Barako Bull stays on and continues to play in the league.
"I want Meralco in by all means. But as a board member, as much as possible, I want Barako Bull to stay," Encarnado told the Bulletin in a phone interview Thursday, reacting to a report that Meralco is eyeing a return to basketball.
Should the two camps agree to terms, the PBA board, currently chaired by Burger King's Lito Alvarez, have to approve it "by a simple majority vote and five (teams) will do."
The PBA has 10 teams, but only nine can vote.
Purefoods, which belongs to San Miguel Corp. (SMC) together with San Miguel Beer and Barangay Ginebra, regularly joins the board deliberations but it has no voting rights.
Meralco, the largest electric power distributor in the country, is a private firm controlled by the companies of business tycoon Manny V. Pangilinan through the Philippine Long Distance Telephone Company (PLDT), the Metro Pacific Investment Corp. and Piltel Group (50.3 percent).
SMC and Global 5000 Investment also have a 43 percent stake with Meralco, while the First Philippine Holdings owning 6.7 percent shares.
Talk 'N Text is owned by Pangilinan's company.
"It'll have to be approved by the board. Regardless of the personalities involved, every new franchise will have to be approved. The board will have to scrutinize it. A board approval is imperative," Encrnado said.
"Whether or not they (Meralco) will be buying a new franchise, or buy the franchise of Barako Bull, that's all together another story. It's between them," he added.
The possibility, though, of having Meralco looks good for Encarnado.
"Considering that it's Meralco, and considering its track record both in the MICAA and the PABL, it's a good development," he said.
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