IT will retain the Dyip moniker but under a new identity.
Terra Firma Realty Development Corporation has assumed the Columbian Dyip franchise from sister company Columbian Autocar Corporation, a move that was approved by the PBA Board when it convened at the league office in Libis, Quezon City on Wednesday.
Team governor Bobby Rosales, who is also vice-chairman of the PBA Board, presented the letter of transfer request in behalf of owner, Palawan Governor Jose Alvarez.
"I submitted a letter request to the Board in behalf of the Columbian Autocar Corporation which owns the PBA franchise. The request is to transfer the franchise to the sister company of Columbian Autocar Corporation and the name of the sister company is Terra Firma Realty Development Corporation. Both companies are owned and controlled by Alvarez," said Rosales in an online press conference that followed the board meeting.
Rosales said the team could likely be known as Terra Firma Dyip.
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"Most probably we will be retaining the name of the Dyip, but of course, we can change that. Wala lang Columbian," added the team official.
Terra Firma according to Rosales, owns the assembly plant of all the vehicles under the Columbian group of companies.
Company reorganization led to the transfer of the franchise.
"Top management decided to streamline its operations. That is the reason of the transferring of the franchise," stressed Rosales.
PBA board chairman Ricky Vargas doesn't see any hitches in the transfer of the franchise.
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"They satisfied all requirements of our constitution and they just need to submit two or three more documents and have the board approved the change of ownership name," said Vargas.
The franchise transfer marks another significant phase in the team's six-year history after originally carrying the KIA Sorento brand during its maiden season in 2014.
Prior to the suspension of the PBA season following the outbreak of the pandemic, the Dyip are among the teams oozing with promise as last year's Rookie of the Year and Mythical First Team member CJ Perez is set to team up with exciting freshman guard Roosevelt Adams, the no. 1 pick during the regular rookie draft last year. (RG)
