MANILA, Philippines -- The ownership of the Dyip franchise has been transferred from Columbian Autocar Corp. to Terra Firma Realty Development Corp., a move that was approved by the Philippine Basketball Association (PBA) on Wednesday.

Bobby Rosales, the governor of the franchise, announced the transfer while assuring that both companies are owned by Palawan Governor Jose Alvarez and thus compliant with the rules of the league.

"The request is to transfer the franchise to the sister company, Terra Firma Realty," he said. "This company owns the assembly plant of the Columbian group of companies… It belongs to the same business group."

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According to Rosales, the transfer was made after top management decided to streamline operations.

PBA chairman Ricky Vargas said the move was approved by the Board of Governors.

"They satisfy all requirements of our constitution," he said. "They need to submit just two or three more documents. The Board approved the change in ownership name."

The Dyip compiled a record of 11-22 in the 2019 PBA season, failing to make the playoffs in any conference. The highlight of the franchise was the campaign of rookie ace CJ Perez, as the guard emerged as the league's leading scorer and made it to the Mythical Team in just his first year in the league.

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