The first Tanduay basketball team was organized by Elizalde during the early 1960s to compete in a minor league called Businessmen’s Athletic Association (BAA).

Gene Moore and David Payne led the team to score upset victories and enter the finals series against the Toyota Tamaraws.

The next six seasons would remain unfruitful and title-less campaign for the Tanduay ballclub despite being competitive and a darkhorse team in the early 1980s, signing some top amateur stars like Rey Lazaro, former San Beda Red Lions Frankie Lim and JB Yango.

The team had a revamp of their lineup in 1984, giving up four of its veteran players, Roberto dela Rosa, Victor Sanchez, Alberto Gutierrez and Mike Bilbao to newcomer Beer Hausen.

[2] After winning its first title, the team brought the championship trophy to the grave of their late owner, Manolo Elizalde, who died a year before.

Prior to using the name "Tanduay Gold Rhum Masters", this team was originally known as Stag Pale Pilseners from 1995-1996, with Marlou Aquino, Bal David and Jason Webb in the lineup.

The Rhum Masters won several PBL crowns under coach Alfrancis Chua and players Eric Menk, Jomer Rubi, Chris Cantonjos and Mark Telan.

After the team moved to the PBA, Asia Brewery retained the PBL franchise and was renamed Colt 45 with Renren Ritualo leading the squad.

In the 2001 offseason, Tanduay made soundwaves in the PBA when they signed Danny Ildefonso of corporate rival San Miguel Beermen a whopping 16-year, 98 million peso offersheet.

Realizing its failure to win a championship despite a stellar line-up of Fil-American players and established veterans, Tanduay disbanded after the 2001 season, selling its PBA franchise to FedEx Express for a reported sum of PHP 60-75 million.

A firesale ensued as the Rhum Masters traded their key players Eric Menk (to Barangay Ginebra Kings), Dondon Hontiveros (to the San Miguel Beermen) and Jeffrey Cariaso (to the Coca-Cola Tigers).