ceremony. Acquiring a PBA franchise After Shell's departure in the PBA in 2005, the league gave Shell an ultimatum of until early 2006 to either announce their return to the league for the 06–07 season, or to sell the franchise to a prospective buyer. In several press releases and interview, then-PBA Commissioner Noli Eala mentioned that some companies were interested in joining the league, although he did not stress which of these companies were. One of Eala's vision was for the PBA to be a 12-team league. Welcoat suddenly came into the picture, expressing interest to buy the Shell franchise. By January 2006, major newspapers reported that the Welcoat team is nearing the completion of acquiring the Shell team. By February, the PBA announced the entry of Welcoat as the 10th PBA team for the 2006–2007 season. People's Journal said that the turnover was approved between P30-40 million, a big drop from the original P60 million the Turbo Chargers wanted The Manila Times, however, reported that it was close to P55 million that Shell wanted Welcoat put out P60 million as bond for five years, P7 million for participation fee and another P6 million for transfer fee. As incentive, the PBA allowed Welcoat to grab three amateur players from their Rain or Shine PBL team. The Paint Masters named Jay-R Reyes, Junjun Cabatu, and NCAA Most Valuable Player Jay Sagad as the three players from the core of its amateur team which they elevated into the pros directly. Welcoat also signed PBL veterans Niño Gelig, undrafted point guard Froilan Baguion, Jercules Tangkay, and former Shell players Adonis Sta. Maria and Rob Wainwright. In the dispersal draft, Welcoat took Gilbert Lao from Coca-Cola and Denver Lopez from San Miguel. In August 2006, Welcoat announced that they will be named as the Welcoat Dragons in their pro stint while also grabbing former UP Fighting Maroons players Abby Santos and Jireh Ibañes as the team's new rookies, although Santos failed to sign with the team. Welcoat Dragons (2006–2008) In its PBA debut, Welcoat lost to eventual champion Barangay Ginebra Kings in the season-opening game of the 2006-07 PBA season, 102–69. Jojo Tangkay scored the team's first-ever basket in the league. Denver Lopez led the team with 12 points while rookie Jay-R Reyes had 10 for the Dragons. The Dragons won its first victory on October 9 defeating Coca-Cola. Their next two victories came