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Draft:Failed sale of the Terrafirma Dyip

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From early to mid-2025, multiple companies sought to purchase the Terrafirma Dyip, a Philippine Basketball Association (PBA) team owned by Terra Firma Realty Development Corporation. The Terrafirma franchise entered the PBA in 2014 as the Kia Sorento and has been under the ownership of Terra Firma since 2020. Starhorse Shipping Lines and the Zamboanga Valientes were the two most prominent buyers in the sale and previously had deals with Terrafirma to acquire the franchise, but both of them fell through. Despite that, on July 18, PBA commissioner Willie Marcial announced that the team will continue playing through the 2025–26 season.

Should it have been successful, it would have been the first franchise acquisition in the PBA since 2022 when Converge ICT acquired the Alaska Aces, becoming the Converge FiberXers.[1] If the sale had not gone through and the Terrafirma franchise folded, the league would have conducted a dispersal draft for affected players.[2]

Background

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On April 10, 2014, Columbian Autocar Corporation was awarded one of three expansion franchise to begin play in the 2014–15 PBA season alongside Ever Bilena Cosmetics and Manila North Tollways Corporation (now NLEX Corporation).[3][a] In 2020, Columbian transferred ownership to affiliate company Terra Firma Realty Development Corporation.[5]

Historically, the team hasn't been successful in the eleven years leading up to the sale. The team made the playoffs twice (2016 Governors' Cup and 2024 Philippine Cup) but didn't get past the quarterfinals on either occasion. In the first two conferences of the 2024–25 PBA season, the team accumulated a 2–20 record.[6] On June 8, the team played their final game of the 2024–25 season and potentially as a franchise, a 82–97 loss to the Blackwater Bossing.[7][8] With a 3–30 combined record in the season, this meant that Terrafirma, or its eventual buyer, would pick first in the PBA season 50 draft in September.[9]

History

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Starhorse Shipping Lines

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Starhorse Shipping Lines were the first company reported to be in talks about acquiring the Terrafirma franchise. Starhorse had just entered the realm of sports after it backed the returning Basilan franchise in the Maharlika Pilipinas Basketball League.[10][11] An acquisition by Starhorse needed approval from the Board of Governors, particularly the NorthPort Batang Pier as its owner, Manila North Harbour Port, Inc., is part of the same industry as Starhorse.[12][13]

On February 23, Terrafirma team governor Bobby Rosales confirmed the team's sale to Starhorse Shipping Lines.[6][12] Starhorse even planned a moniker for their potential new team ahead of the upcoming acquisition, the "Sea Titans".[13] The initial sale price was reported to be set to ₱100 million, the same price as Converge ICT's acquisition of the Alaska Aces from Alaska Milk Corporation.[14][2] As the sale process had began, Terrafirma cannot make any trades until the sale is completed.[15] On April 24, the deal with Starhorse fell through. PBA commissioner Willie Marcial stated that Starhorse failed to comply with the league's financial obligations and also weren't able to submit "necessary requirements" to Terrafirma.[16]

Zamboanga Valientes and Universal Canning, Inc.

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On April 24, Marcial stated that three undisclosed entities had reached out about joining the PBA; two of them submitted their letters of intent to the Commissioner's Office.[17][18] One of those entities was the organization behind the Zamboanga Valientes, a team that previously entered the PBA 3x3 in 2021. Marcial met the Valientes' team principal, Junnie Navarro, on April 26 during the PBA's visit to Zamboanga City.[19][20][21] Alongside the Valientes, Universal Canning, Inc, owned by Anita Kaw, also submitted a letter of intent to the PBA.[19] Coincidentally, both the Valientes and UCI co-sponsored Zamboanga's MPBL expansion team in 2018 before splitting at the end of the year.[22][23] Whether UCI will acquire the Terrafirma franchise, a different franchise, or establish an expansion team was unknown at the time.[20]

On April 30, both the Zamboanga Valientes and Dyip agreed to a mutual agreement and were given until July 11 to complete the sale.[24][25][26] On July 4, SPIN.ph journalist Snow Badua reported that the Terrafirma team was "disbanded" while the sale price for the franchise went down to ₱70 million, a decrease of ₱30 million.[27] On July 11, the day of the Valientes' deadline, Justine Bacnis of Tiebreaker Times reported that talks between Terrafirma and the Zamboanga Valientes had died down.

The sale falls through

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On July 11, Marcial assured that the league would remain at twelve teams for its 50th season and that the Board of Governors will meet on July 16 to discuss the uncertainty of the Terrafirma franchise.[28] One week later on July 18, Marcial announced that Terrafirma will continue playing for the league's 50th season with PBA legal counsel Ogie Narvasa confirming that Navarro and the Terrafirma organization had mutually agreed to no longer pursue the sale.[29][30]

Reactions

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When it was first announced that the franchise would be sold to Starhorse, Terrafirma player Terrence Romeo remained optimistic that the team will "give their best" while they remain under the Terrafirma banner. "We’ll just think about what will happen in the future after we’ve finished our moment," Romeo added. Interim coach Raymond Tiongco told his players to "stay positive and just [do] their best. If there’s going to be a change in management, they still have to play because that their job."[31]

Javi Gómez de Liaño, who previously played for Terrafirma from 2022 to 2024, expressed his sadness towards the franchise's sale saying, "Of course I also feel sad because we have some good memories with that team."[32] Javi also stated the hopes to return with the eventual new team and "bring that winning mindset back."[33]

Juami Tiongson, another former Terrafirma player from 2019 to 2024, also has his wishes for the next owner of the franchise saying, “If ever the Terrafirma [franchise] is sold, I hope [the new owner] takes care of the utility, players, and coaching staff because they have worked hard, they deserve to get a new contract whether its with another team or whoever will acquire [the franchise]."[34]

Notes

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  1. ^ Only two expansion franchises were established as NLEX decided to forgo its expansion application, instead choosing to acquire the Air21 Express, becoming the NLEX Road Warriors.[4]

References

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  1. ^ Villanueva, Ralph Edwin (May 5, 2025). "What we know so far: Terrafirma's impending PBA franchise sale". Philstar.com. Retrieved July 11, 2025.
  2. ^ a b Henson, Joaquin. "Dyip sale moves forward". Philstar.com. Retrieved July 12, 2025.
  3. ^ Joble, Rey (April 10, 2014). "PBA approves entry of new teams NLEX, Kia, Blackwater for next season". InterAksyon.com. Archived from the original on March 4, 2016. Retrieved July 11, 2025.
  4. ^ NLEX reaches deal to acquire Air 21 franchise, awaits league approval Archived June 26, 2014, at the Wayback Machine, Rey Joble, InterAksyon.com, June 23, 2014
  5. ^ "Dyip set to carry Terra Firma banner". PBA. June 3, 2020. Retrieved June 3, 2020.
  6. ^ a b Dioquino, Delfin (February 23, 2025). "Terrafirma in process of selling PBA franchise to Starhorse". RAPPLER. Retrieved July 11, 2025.
  7. ^ Tuazon, Ernest (June 8, 2025). "Blackwater ends skid, deals Terrafirma harsh exit in potential PBA farewell". Tiebreaker Times. Retrieved July 12, 2025.
  8. ^ Megallon, Reynald I. (June 8, 2025). "Blackwater denies Terrafirma graceful exit in PH Cup, and possibly PBA". Manila Bulletin. Retrieved July 12, 2025.
  9. ^ Henson, Joaquin M. (June 5, 2025). "First overall pick a gem in sale". Philstar.com. Retrieved July 12, 2025.
  10. ^ Li, Matthew (February 14, 2025). "Starhorse Shipping Lines in talks to acquire Terrafirma PBA franchise". Tiebreaker Times. Retrieved July 12, 2025.
  11. ^ Terrado, Jonas (February 15, 2025). "Terrafirma sale to Starhorse gains traction". INQUIRER.net. Retrieved July 11, 2025.
  12. ^ a b Beltran, Nelson (February 23, 2025). "Terrafirma sells PBA franchise to Starhorse Shipping Line". Philstar.com. Retrieved July 12, 2025.
  13. ^ a b Li, Matthew (February 23, 2025). "Starhorse chooses 'Sea Titans' as PBA identity once Terrafirma takeover gets approval". Tiebreaker Times. Retrieved February 25, 2025.
  14. ^ Terrado, Jonas (February 23, 2025). "PBA: Starhorse Shipping Lines takes over Terrafirma franchise". INQUIRER.net. Retrieved July 12, 2025.
  15. ^ Catacutan, Dodo (March 6, 2025). "PBA assures no more trades for Terrafirma until sale consummated". Spin.ph. Retrieved July 11, 2025.
  16. ^ Terrado, Jonas (April 24, 2025). "PBA says Terrafirma sale off after Starhorse fails to comply". Philippine Daily Inquirer. Retrieved April 24, 2025.
  17. ^ Bacnis, Justine (April 24, 2025). "Three suitors eye Terrafirma franchise after Starhorse deal collapses". Tiebreaker Times. Retrieved July 12, 2025.
  18. ^ Suing, Ivan (April 28, 2025). "Zamboanga nears PBA stint". Daily Tribune. Retrieved April 29, 2025.
  19. ^ a b Ramos, Gerry (April 30, 2025). "'Kume' says Valientes, UCI have submitted letter of intent to PBA". Spin.ph. Retrieved July 11, 2025.
  20. ^ a b Bacnis, Justine (April 30, 2025). "Marcial hopes Valientes-Terrafirma deal pushes through in time for PBA 50". Tiebreaker Times. Retrieved July 14, 2025.
  21. ^ Lozada, Bong (March 26, 2021). "Zamboanga Valientes set to join PBA 3×3". Philippine Daily Inquirer. Retrieved March 26, 2021.
  22. ^ Isaga, JR (June 9, 2018). "MPBL newcomer Zamboanga ready to make noise". Rappler. Retrieved October 28, 2020.
  23. ^ "'Valientes' to be re-launched as Zambo Family's Brand Sardines". www.pna.gov.ph. December 29, 2018. Retrieved October 28, 2020.
  24. ^ "Dyip, Valientes in talks for franchise sale". www.pba.ph. April 30, 2025. Retrieved July 11, 2025.
  25. ^ Ballesteros, Jan (May 1, 2025). "Zamboanga Valientes in process of acquiring Terrafirma franchise in PBA". onesports.ph. Retrieved July 11, 2025.
  26. ^ Henson, Joaquin (May 28, 2025). "Zamboanga nears Terrafirma sale". Philstar.com. Retrieved July 11, 2025.
  27. ^ Badua, Snow (July 4, 2025). "Terrafirma disbands team amid uncertainty of franchise sale". Spin.ph. Retrieved July 11, 2025.
  28. ^ Bacnis, Justine (July 11, 2025). "Marcial assures: PBA to keep 12 teams for 50th season amid Terrafirma sale uncertainty". Tiebreaker Times. Retrieved July 11, 2025.
  29. ^ Terrado, Reuben (July 18, 2025). "Terrafirma staying in PBA next season, says Marcial". Spin.ph. Retrieved July 18, 2025.
  30. ^ Bacnis, Justine (July 18, 2025). "Terrafirma to play in PBA 50 despite ownership uncertainty". Tiebreaker Times. Retrieved July 18, 2025.
  31. ^ "Romeo staying focused". Daily Tribune. April 6, 2025. Retrieved July 12, 2025.
  32. ^ Ramos, Gerry (May 10, 2025). "Javi GDL feeling the blues with impending Dyip sale". Spin.ph. Retrieved July 11, 2025.
  33. ^ Garcia, John Mark (July 9, 2025). "Javi GDL's wish for Terrafirma buyer: 'A winning culture'". Spin.ph. Retrieved July 11, 2025.
  34. ^ Ramos, Gerry (June 12, 2025). "This is Juami Tiongson's one wish for former team Terrafirma". Spin.ph. Retrieved July 11, 2025.
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