Marine transportation company Starhorse Shipping Lines is formalizing its bid to enter the PBA by acquiring the Terrafirma franchise.

A highly-placed source confirmed to Manila Bulletin that the two camps have been in talks and are actually close to coming to terms after Starhorse formally submitted a letter of intent to buy the Dyip franchise owned by Terrafirma Realty Corporation last Wednesday, Feb. 12

No less than Starhorse Shipping Lines owner Merrian Hernandez-Reyes signed the letter following a reported meeting between Terrafirma, represented by team governor Bobby Rosales, and Starhorse, led by basketball enthusiasts Jax and Edison Chua along with Bernard Yang.

PBA commissioner Willie Marcial, according to the source, is set to inform the PBA board about Starhorse’s intent to buy the Terrafirma franchise.

The shipping company based in Lucena, Quezon has been active in basketball and has even recently backed the return of Basilan team in the seventh season of the Maharlika Pilipinas Basketball League.

Should push through, Starhorse could take over a young but promising Dyip team which featured guys like Mark Nonoy, Paolo Hernandez, Louie Sangalang and Kemark Carino, to build its squad around.

The team is also certainly not lacking in experience and veteran smarts with Terrence Romeo, Stanley Pringle, Kevin Ferrer and Aldrech Ramos still with the team.