PHOENIX Super LPG team will stay in the Philippine Basketball Association (PBA) and continue hunt for its first-ever title since it joined the league in mid-2016.
This was confirmed by Uy in a texted message to the BusinessMirror on Wednesday.
“None of course,” Uy said in his texted message when asked if the PBA team will be part of his privately-owned holding company Udenna’s asset sale to cut debt after most of his companies agonized during pandemic year 2020.
Atty. Raymond Zorilla, Phoenix’s Senior Vice President for Corporate Affairs, confirmed that the fuel company has no plans of leaving the PBA and selling the franchise amid the Covid-19 pandemic.
“No plans,” he said.
Phoenix entered the PBA in 2016 after purchasing the Barako Bull franchise then co-owned by George Chua of Photokina and Alberto Lina of the former Air21 team.
Zorilla said Uy’s decision to sell some of his company’s assets doesn’t include the Fuel Masters.
“That’s [sale of assets] part of our finance management strategy,” added Zorilla, stressing Phoenix will be competitive as always in the PBA.
Rumors about Phoenix leaving the league circulated after Calvin Abueva, who the team re-signed to a three-year maximum contract worth P15 million, was traded to Magnolia for Chris Banchero and several picks in the recent Rookie Draft.
Zorilla said the trade was “more of a [team] management decision.”
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