BUY-OUT SAVES METROBALL, GAMES CONTINUE
Manila, Aug. 5, 1998 - Good news for basketball fans: Metroball, the 5-month-old basketball league also known as the MBA or Metropolitan Basketball Association, lives on, albeit with a change in organization. Metroball headed by Rene Olbes and the revolting team owners, backed up by ABS-CBN, agreed to a buyout worth P8.1 million.
The buyout would assure the continued use of the name MBA and the team logos which have already become familiar to the fans. It would also mean that the owners of the 12 teamsnow have gained control of the board, owning 72 percent at six percent each while ABS-CBN will only have 10 percent. Metroball used to own 75 percent and the broadcasting giant 25 percent.
Today's scheduled games at the Ultra (Philsports Arena) between the Iloilo Volts and the Pampanga Dragons and the Davao Eagles versus the Pasig Blue Pirates may have to be reset Sunday in San Fernando, Pampanga to end the eliminations.
Up to late last night team owners were reportedly meeting to discuss the repercussions of the latest developments.
Pangasinan top honcho Tim Orbos, spokesman of the team owners, said they may have to re- organize and re-evaluate operations under the new corporation they now control to make the MBA a more profitable and stronger league.
He also said that a new chairman, which will most probably come from the ranks of the team owners, will be elected soon.
Reported by: Sol Jose Vanzi
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