Duterte crony Dennis Uy is reportedly looking for buyers of the Philippine Basketball Association (PBA) franchise of his Phoenix Petroleum Philippines Inc. (PNX).
Uy has put his PBA franchise up for sale as Phoenix has been having trouble paying its dues to suppliers, specifically ultra bilyonaryo Lucio Tan’s Absolut Distillers which is demanding settlement for its P157 million bioethanol products.
A Babbler said Uy’s reported PBA exit comes at a bad time not only because of the poor economic conditions but also because of the tepid market for a PBA franchise.
Ultra bilyonaryo Dennis Anthony Uy of Converge reportedly shelled out less than P100 million to buy the Alaska franchise of bilyonaryo Wilfred Steven Uytengsu last March.
Babbler said Uy might not get a good price for PNX because another team, NLEX of bilyonaryo Manny V. Pangilinan, is also reportedly on the block.
PNX’s basketball team, which costs nine digits a year to maintain, has been a big drain on its bottomline since it entered the league in 2016.
In a tweet by Inquirer business editor Tina Arceo-Dumlao, the Writ of Preliminary Attachment issued by Branch 14 of Nasugbu, Batangas Regional Trial Court on September 28 covered not only PNX’s funds in 17 banks but also its PBA franchise.
Today, the Court Sheriff of Nasugbu RTC served notices of garnishment on 17 other banks, as well as the Philippine Basketball Association (PBA), where Phoenix Petroleum of Dennis Uy is believed to have bank accounts and interest.
— Tina Arceo-Dumlao (@tinaarceodumlao) October 4, 2022
Uy has been unloading key assets in his debt-funded business empire months before his patron, fellow Davaoeno former president Rodrigo Duterte, stepped down from office four months ago.
Among the key investments sold by Uy so far are his stakes in Malampaya oil and gas, casino projects in Cebu and Clark, Ferrari Philippines dealership and real estate assets in Bonifacio Global City and Clark Global City.