The Philippine Basketball Association (PBA) have approved the sale of Barako Bull to Phoenix Petroleum during a special meeting of the body's Board of Governors at their headquarters in Quezon City on Wednesday.
According to PBA chairperson Robert Non, the league's latest member will be invited to the Board meeting scheduled for January 28, where they will be informed of the sale of the franchise previously owned by Linaheim Services Inc.
"The Board unanimously agreed that Phoenix Petroleum is financially capable of maintaining a team in the PBA. So hindi naging mahirap yung desisyon," said Non.
The PBA Board also gave Phoenix the go-ahead to start participating in the Commissioner's Cup immediately, instead of waiting until next season.
In the middle of the 2011 season, the Board approved the sale of Barako Bull to Linaheim.