Dennis Uy’s businesses have been in trouble in the past few years.
That includes his PBA franchise, the Phoenix Super LPG.
According to Bilyonaryo.com, Phoenix Petroleum booked an impairment loss of P62.9 million related to the Fuel Masters.
The hit caused a substantial decline in the value of the team, which has decreased by more than a third to P114 million as of the end of 2022.
Phoenix Petroleum attributed the impairment to several factors: uncertainties surrounding the PBA’s future viability, shifts in viewership, and the anticipated duration for which the group expects to derive benefits from retaining the franchise.
Uy’s firm bought the team from the Lina Group in 2016.
The P62.9 million impairment loss is among the P461.4 million of financial trouble incurred by Phoenix Petroleum for its non-financial assets in 2022.
