MANILA, Philippines -- The PBA is expected to hold a press conference on Wednesday to formally address reports about the impending sale of the Alaska franchise.
PBA Commissioner Willie Marcial is set to speak to the media during the halftime break of the PBA Governors' Cup semifinal game between the Magnolia Hotshots and the Meralco Bolts.
The Alaska franchise has reportedly been bought in full by Dennis Anthony Uy's Converge ICT.
According to a report from business website Bilyonaryo, the Alaska franchise was sold for P114 million. Converge was asked to submit a P100-M bond, deposit P7-M as equity, and pay a P7-M transfer fee.
Sought for comment, a Converge representative said Tuesday that company executives "are still awaiting the decision of the PBA Board of Governors", though they also said that an update will soon be available.
Converge's purchase of the Alaska franchise is understood to include the live contracts of players and the coaching staff, including head coach Jeff Cariaso.