FEDEX-Airfreight 2100 buy out the Tanduay Rhum franchise before the 2002 PBA season started.
[1] The newest ballclub absorbed four players from the defunct Tanduay and went for the biggest catch by choosing 6–8 Yancy De Ocampo from the multi-titled PBL ballclub Welcoat House Paints as the number one overall pick in the 2002 PBA draft.
FedEx also took in De Ocampo's Welcoat teammate Renren Ritualo at eight overall.
Former Tanduay forward Bong Hawkins was among those absorbed by FedEx during the off-season, but a controversy sparked when Hawkins wanted to have the same terms of the salary he had with Tanduay while the FedEx management wanted to negotiate a new contract.
[2] The management pay him about Php 4.2 Million, even Hawkins was not playing for the FedEx in 2003.