By REYNALD MAGALLON
The Pureblends Corporation bid to acquire the NorthPort franchise lock, stock and barrel is practically sealed and is now only awaiting the stamp of approval from the PBA Board of Governors.
A highly placed source privy to the deal confirmed to Tempo-Manila Bulletin that the two camps already agreed to a buyout amounting to P85 million which will be paid by the food manufacturing company based in Caloocan in an installment basis.
The same source added that the two camps are now only securing the necessary documents including Securities and Exchange Commission (SEC) registrations and financial statements in the last three years which will be presented to the board.
The board is expected to tackle the Pureblends-NorthPort deal when it meets on Wednesday, Sept.3. It needs at least two-thirds of the votes from the member teams for the sale to be approved.
Should be given the green light, the new franchise under Pureblends listed owner Bryan Calantoc, could even take over by this week and preside over the upcoming Season 50 PBA rookie draft on Sunday.
Though still undecided on the name of the team when it formally makes the leap to the big league, Pureblends will be inheriting a potent core of the NorthPort lineup that reached the semifinals of the Commissioners Cup last season.
Still in contract with the Batang Pier franchise are Calvin Abueva, Joshua Munzon, Cade Flores, Evan Nelle, Fran Yu, and James Kwekuetye.
Jio Jalalon, Damie Cuntapay, Jerrick Balanza, Sidney Onwubere, and Avan Nava have expiring contracts and the new team is expected to facilitate the negotiations.
On top of that, NorthPort also still holds the signing rights to star winger Arvin Tolentino, who signed with Seoul SK Knight in the Korean Basketball League on a three-year deal as well as Dave Ildefonso who the team drafted last year but decided to play elsewhere after they failed to agree on a deal.
In the upcoming draft, NorthPort currently holds the No.4 pick.
Should everything fall into place, the deal would mark the end of the NorthPort franchise which entered the league in 2012 after the Sultan 900 Inc. purchased the Powerade franchise.
