MANILA — Starhorse Shipping Lines has reached an agreement to take over the franchise of Terrafirma by the conclusion of the ongoing PBA season, sources confirmed on Sunday (23 Feb 2025).
The deal was finalized a week after Starhorse submitted a formal letter of intent to the PBA, followed by productive discussions with Terrafirma’s executives.
Despite the sale, Terrafirma will still participate in the season-ending Philippine Cup, marking the conclusion of their nine-year run in the league.
The acquisition is contingent upon approval from the PBA Board of Governors, which requires a two-thirds vote. Officials are expected to address the matter as soon as possible.
While the exact purchase amount remains undisclosed, sources suggest it is similar to the amount Converge paid for the Alaska franchise in 2022, which was reportedly around P100 million.
Starhorse has recently become more involved in the local basketball scene, notably backing the return of the Basilan squad for the upcoming MPBL season.
Terrafirma’s PBA journey has been a challenging one, with only two quarterfinal appearances since the franchise joined as an expansion team under the Kia banner in 2014.
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