The Philippine Basketball Association (PBA) board has finally approved Manila Electric Co.’s (Meralco) take over of of Sta. Lucia Realty’s franchise. The Realtors will be leaving the professional basketball league after 18 years.
Meralco bought the PBA franchise for at least P65 million. The power firm is majority owned by Manny Pangilinan’s Smart-PLDT group. Meralco becomes the second team, along with Talk ‘N Text Tropang Texters, owned by Smart PLDT. B-Meg Derby Ace head coach, Ryan Gregorio, will handle the coaching chores for new team. The last time that Meralco got involved in basketball was in the 1960s, with Robert Jaworski and the Meralco Reddy Kilowatts as players in the Manila Industrial and Commercial Athletic Association (MICAA).