Meralco makes power move, joins pro league

MANILA, Philippines - The PBA board of governors officially approved the sale of the Sta. Lucia Realty franchise to Meralco yesterday, paving the way for the return of the country’s biggest electric company to the basketball scene.

Also bowing out of the PBA was Purefoods (B-MEG Derby Ace) whose franchise has been transferred to Petron, the second petroleum company to join the pro league after Shell.

In a meeting yesterday, the board gave its approval on the Manila Electric Company’s purchase and takeover of the Sta. Lucia Realty franchise, officially making it the newest member of the league.

Meralco reportedly bought Sta. Lucia for P50 million.

Meralco and Petron make their PBA debut in the coming 2010-2011 season where the league shifts back to its old three-conference format.

The season starts with the Philippine Cup on Oct. 3 at the Araneta Coliseum. The two other confabs are short import-reinforced tourneys.

Both Purefoods and Petron are under the giant umbrella of San Miguel Corp. Reports, however, said Purefoods, minus the PBA franchise, would soon be sold to a group headed by Butch Campos’ Del Monte Pacific Ltd. and Ricardo Po’s Century Pacific Group of Companies.

Meralco, a glory team in the MICAA in the early 70s, and Petron will have the Rookie Draft on Aug. 29 at Market! Market! in Taguig as their first official PBA function.

Meralco acquired the Sta. Lucia team lock, stock and barrel, thus, it has got the rights on players Bitoy Omolon, Josh Urbiztondo, Gabby Espinas, Bonbon Custodio, Chris Ross, Dennis Daa, Chris Pacana, Yousif Aljamal, Pong Escobal, Marlou Aquino, Ali Peek, Nic Belasco, Ogie Menor and Jason Misolas.

Ryan Gregorio, the three-time champion head coach of Purefoods, has been tapped to call the shots for the team.

The 38-year-old bench tactician moved over to Meralco, signing a five-year contract that involves corporate executive position in the giant power distribution company.

There’s no word yet who will take over Gregorio at Petron.

PBA commissioner Sonny Barrios said the board welcomed Meralco with open arms.

“No vote was needed. Sta. Lucia first bade goodbye then the board passed a resolution thanking Sta. Lucia for 18 years of membership in the league in good standing. Sta. Lucia official Buddy Encarnado endorsed Meralco’s acceptance and it was approved,” said Barrios.

Meralco, however, will have to fulfill a franchise fee of P6 million and a performance bond guaranteeing minimum stint of five years in the league.

Meralco senior vice president Ramon Segismundo has been named the team’s representative to the PBA board. The alternate governor is Betty C. Sy-Yap, Meralco’s SVP and finance officer.

“We will be building on our acquired franchise to develop a competitive team over the long-term. Meralco’s legacy has always been intertwined with Philippine basketball. It is an honor and privilege for us to be part of PBA’s future,” said Segismundo.

Meralco became a household name in the 1960s until the mid 70s while playing in the defunct MICAA. Among its players at the time were former senator and basketball icon Robert Jaworski, Alberto “Big Boy” Reynoso and Jimmy Mariano.