MVP to invest in NBA franchise?
MANILA, Philippines - Leading businessman Manuel V. Pangilinan is mulling over investing in a franchise of a basketball team from the US-based National Basketball Association (NBA).
In a lunch with reporters last week, Pangilinan said offers include an investment to buy 5% to 10% of equity in an NBA basketball team.
Some of the teams where MVP is being offered to invest in the franchise are the Atlanta Hawks and Sacramento Kings.
"There are opportunities. I can see one of these days kakagat din kami," said Pangilinan. [I can see one of these days, we will bite the bait.]
Pangilinan said he received an offer to invest around $250 million in the Sacramento Kings but Pangilinan, at that time, was busy closing the deal with Digitel. He said then that it would be difficult to manage the business being "absentee owners, in any case."
In the Philippine Basketball Association, Pangilinan owns Meralco Bolts and Talk 'N Text.
Pangilinan likened a possible investment in the NBA to having a "trophy investment," but "a complicated thing," he said.
MVP is the chairman of Metro Pacific Investment Co. (MPIC) which has interests in toll roads, hospitals, water services, among others. MPIC is the local flagship of Hong Kong based First Pacific Co. Ltd.
He also sits as chairman of PLDT, the country’s largest phone firm, which recently entered into a share-swap deal with Digitel, a listed phone firm of the Gokongwei group. - Rappler.com