ShareThisMAKATI CITY – With the success of first Filipino-American coach Erik Spoelstra in the National Basketball Association (NBA), a full blooded Filipino this time wants also to make a name in the NBA.
Erik Spoelstra
No, he is not a coach nor a player, but he is a topnotch Philippine businessman. He is Manny V. Pangilinan of the Philippine Long Distance Co., Smart Telecommunications, Metro Pacific Group, Manila Electric Co. and a lot of other companies.
If the takeover pushes through, this could lead to better chances for Filipinos to be part of the NBA.
Already, Pangilinan has visited the Kings and Arco Arena, their home stadium.
Pangilinan revealed that he has been offered to join a group which wants to gain control of the cash-strapped Sacramento Kings, an NBA team. He said this would require from $200 million to $260 million investment.
“I have to admit, the idea is very titillating,” said Pangilinan whose companies own the Talk N Text and the Meralco Bolts teams in the Philippine Basketball Association (PBA). Pangilinan also heads the Samahang Basketbol ng Pilipinas.
“Whether we do it or not, it’s a great idea for a Filipino group to own an NBA team,” he said, adding that this would eventually open up the doors to having Filipino players or team coaches.
“It’s a great tribute to the country,” said Pangilinan.
According to published reports, Pangilinan said his group of investors was organized by retired NBA All-Star Chris Webber, who was part of the Kings from 1998 to 2005.
The Kings have been suffering from financial losses in the past few years due to the team’s relatively poor performance.
The team is owned by the group of California businessman George Maloof Sr., which, due to its interests in US real estate, has had its own money troubles.
He said he would need to invest between $200 million and $260 million for a stake in the Kings, and that this would be done in his personal capacity.
“That’s the ballpark figure [involved],” Pangilinan said.
If a deal pushes through, this will make him the first Asian to control an NBA franchise.