MANILA, Philippines (UPDATE 1) - Former Powerade Tigers coach Bo Perasol is the new head coach of the five-time UAAP champions Ateneo de Manila Blue Eagles, the university announced in a statement Monday.
Perasol's hiring comes after the Ateneo renewed its ties with businessman Manuel V. Pangilinan (MVP).
"Over the past few days, MVP and I have been meeting in an effort to move forward and create a more open and constructive partnership," Ateneo President Fr. Jett Villarin said in a memo addressed to the university community.
Villarin said he and Pangilinan discussed the Blue Eagles' coaching situation. The team has been without a head coach since multi-titled mentor Norman Black left after steering the Eagles to their fifth straight UAAP title in Season 75.
Assistant coach Gabby Severino is serving as interim coach in the team's ongoing campaign in the Philippine Collegiate Champions League.
"MVP offered to arrange for me to meet with Coach Bo Perasol, so that we could reconsider our mutual termination of an earlier agreement," Villarin said.
"I am pleased to announce that Coach Bo shall be the head coach of the Ateneo Blue Eagles beginning 1 December 2012," he said.
Villarin added that they are "thankful to MVP for his gesture of goodwill."
MVP gives 'significant donation'
Villarin also announced that Pangilinan will be giving a significant donation to the Sports Endowment Fund (SEF), originally a Basketball Endowment Fund, which was set up following Pangilinan’s withdrawal as a patron.
"I have decided to expand the scope and mission of this Fund to include all athletic programs beyond basketball, as we believe in the wisdom of the SEF being the umbrella capital fund which will sustain our athletes and sports programs for the long term," Villarin said.
"MVP and the MVP Sports Foundation have agreed to infuse this Fund with a significant donation," he added.
Pangilinan had decided to withdraw his support from the Ateneo last September after clashing with the university on certain issues, including mining and the controversial Reproductive Health bill.
This put Perasol in a quandary, as he had already signed a contract with the university before its falling out with Pangilinan.
Ateneo wound up releasing Perasol from his contract in mid-October.