Blackwater eyes PBA exit, puts franchise up for sale for P150M

MANILA, Philippines – “My heart is no longer here.”

With these strong words, Blackwater Elite team owner Dioceldo Sy on Wednesday said he’s putting his six-year-old PBA franchise up for sale.

It carries a price tag of Php150 million.

“I’m open to entertain interested parties as it’s hard for me to continue supporting the PBA when my heart is no longer there,” he said.

Sy did not elaborate.

But the 62-year-old sportsman and sole proprietor of Ever Bilena Cosmetics, Inc., the maker of Blackwater Cologne, is sending out the message that he’s letting go of his PBA franchise.

“I’m selling for Php150 million,” he said.

Blackwater joined the PBA in 2014 as one of three new teams, along with NLEX and Kia Sorento. In five full seasons, it reached the playoffs five times but never made it to the semis.

Overall, Blackwater won 49 of 173 games for a low batting average of .283 in Asia’s oldest professional basketball league.

Sy said he paid a franchise fee of Php120 million in 2014 to fulfill his dreams of owning a PBA franchise.

"All in, P120 million," he said of his PBA entry fee.

Through the years, the former star player for UNO High School in Manila said he must have spent Php300 million running his PBA team for the last five or six years.

The former PBL (Philippine Basketball League) chairman said he's had enough.

Sy, who as a youngster worked as messenger and clerk for his grandfather's pomade business and eventually went on his own as a freelance trader, said he has yet to inform the PBA board of his decision.

He looked forward to doing other things, including hooking up with global boxing icon and now boxing promoter Gerry Penalosa.

"I'm planning to shift my focus to boxing," said, Sy, who's looking at making the Pacquiao-Gennady Golovkin super fight in Macau.

"I'm making a pitch for that fight," he told The STAR Wednesday.

Sy said he will continue supporting the National University women's basketball team in the UAAP and the Gilas women's team.

Blackwater was in the news Wednesday for its violation of the PBA guidelines regarding the league's return to practice.

"What's the issue?" said Sy.