New PBA board chairman Buddy Encarnado and commissioner Noli Eala will announce the details of the deal with the new broadcast partner in a press conference at the Edsa Shangri-La this morning.
The deal was finalized in a meeting among Encarnado, Eala, ABC-5 owner Tonyboy Cojuangco and top executive Bobby Barreiro yesterday afternoon.
Earlier in the day, the PBA board sent a notice to the NBN-4/IBC-13 consortium, terminating its three-year contract on the latter’s failure to settle its obligations.
More than the financial factor, the PBA, according to a STAR source, closed a deal with ABC-5 "because of the opportunity to grow with another business player."
The same source said the PBA was given favorable terms, including a guaranteed income of more than P100 million for 2004, which it will get on a monthly installment basis. Sharing of other incomes will depend on the sales of the network.
The deal is likewise flexible with both parties having the option to call for a contract-extension or review the terms of the pact after 2004.
The first PBA event to be covered by ABC-5 is the pre-draft camp at the Quezon Memorial Circle on Sunday. The network will shoot and edit the exercise to be aired as a special feature before the Draft Day on Jan. 16.
Meanwhile, Eala stressed yesterday that the three-way trade deal among Ginebra, Purefoods and Sta. Lucia involving Jun Limpot and Andy Seigle was done in a perfect and valid way.
"Nasa kanila na kung itutuloy nila ito. At the moment, I’ve yet to receive notice from them," said Eala.
"Gumulo lang ito because of the manner it was handled in the media. Para kasing straight trade between Ginebra and Purefoods ang lumabas sa report in some papers (not in The STAR)," Eala added. "These were legit transactions. Yung Sta. Lucia nagkaroon ng benefit, hindi basta lang dumaan si Limpot at Seigle."