There were reports officials of the two teams – Bert Lina and Lito Alvarez for FedEx and Wilson Young for Tanduay and their advisers – were hammering out the details of the agreement late last night at the Allied Bank building. There were no figures made available but the price tag could be in the vicinity of P65 million, the amount Tanduay paid to gain a new franchise in 1999.
MBA top official Ramon Tuason confirmed the FedEx-Tanduay negotiation, saying FedEx, which bankrolls the Laguna Lakers in the MBA, has sent word it will take a leave of absence in the league if its PBA application through the Tanduay franchise is approved.
PBA commissioner Jun Bernardino said they have yet to be informed by Tanduay of the reported sale but stressed a sale or transfer of a PBA franchise requires board approval.
"There were rumors going around but that’s it, only rumors. We have no inkling of any development. What we know is what we read in the newspapers," said Bernardino.
"But one thing is certain. Whether it is a transfer or sale of franchise, the decision will have to be approved by the PBA board. It is no fait accompli (until approved by the board)," the commissioner added.
But a STAR source said the board is inclined to welcome FedEx to its fold. The question is whether it’s the FedEx International or a local company with distribution links to the international group which is trying to acquire the Tanduay fanchise.
The negotiation may hit some snag, according to the same source, if FedEx asks for concessions, like enlisting players without going through the rookie draft which expansion teams Purefoods, Tanduay and Red Bull got in their entry into the PBA.
"Concessions are given to new applicants. If FedEx is buying the Tanduay franchise, then it acquires it lock, stock and barrel, including the Tanduay players contracts but it can’t bring in its MBA players without going through the draft," the source said.
The Tanduay sale was reportedly sparked by an internal feud in the Basic Holdings Inc. franchise fueled by the replacement of Lucio "Bong" Tan Jr. in the PBA board. There’s word that no less than Lucio Tan Sr. ordered the sale.