MANILA – The Philippine Basketball Association (PBA) Board of Governors gave the green light to the transfer of ownership of the Columbian Dyip franchise from Columbian Autocar Corporation to its sister company Terra Firma Realty Development Corporation.
“I submitted a letter request to the board on behalf of the Columbian Autocar Corporation which owns the PBA franchise. The request is to transfer the franchise to the sister company of Columbian Autocar Corporation. The name of the sister company is Terra Firma Realty Development Corporation,” said Dyip governor Bobby Rosales.
Both companies are owned and controlled by Palawan governor Jose Alvarez.
According to Rosales, who is also the PBA vice-governor, Terra Firma owns the assembly plant of all the vehicles carried by the Columbian group of companies of Alvarez, along with other brands like Peugeot.
“Top management decided to streamline its operations. That is the reason why there is a transfer of franchise from Columbian Autocar to Terra Firma,” said Rosales, who added that the squad will likely change its name.
PBA chairman Ricky Vargas, for his part, said that it will be an easy transfer of ownership for Columbian as the team only needs a few more documents to make the move official.
Dyip will be bannered by last season’s Rookie of the Year winner Jaymar Perez, veterans Rashawn McCarthy and Aldrech Ramos, along with talented rookie Roosevelt Adams this PBA season./PN
