Philippine Basketball League
Welcoat became a member of the Philippine Basketball League during the mid-90's, even PBA legend Samboy Lim suited up for the team, minus his traditional high socks. Their first championship came in the 1999 Challenge Cup, winning 3-0 over Red Bull Energy Drink.
Welcoat was considered as one of the two teams to enter the PBA before the 2000 season but lost out to Red Bull.
Since then the Paintmasters won five more championships, fielding in the best amateur and former Metropolitan Basketball Association players available, most notably Don Allado, Ren-Ren Ritualo, Yancy de Ocampo, Romel Adducul, Ronald Tubid, James Yap, Paul Artadi and Anthony Washington.
One of their biggest rivals from 2000-2002 was Shark Energy Drink, with current PBA players Chester Tolomia (later joined Welcoat in 2004), Roger Yap and later Rain or Shine member Gilbert Malabanan, as both teams engaged in four straight finals series, splitting both series in the process.
In 2005, Welcoat changed its name to Rain or Shine Elasto Painters, one of Welbest products. The Elasto Painters made it all the way to the finals of the Heroes Cup against Magnolia. After leading the series 2-0, Rain or Shine suffered one of the biggest collapses in league history as the Wizards won the series in five games.
In 2006 PBL Unity Cup, the Elasto Painters were swept in the semifinals by Toyota-Otis Sparks to end their four consecutive finals appearance, but placed third in a one-game playoff against Montana Pawnshop on June 8.
Prior to the start of Game 3 of the Unity Cup title series between Harbour Centre and Toyota-Otis on June 13, 2006, the league awarded the team with the Dynasty Award for their 10 years of success in the league. Several past and present members of the Welcoat franchise were on hand, as they brought their six championship trophies during the ceremony.
Philippine Basketball Association
Acquisition of the Shell franchise
After Shell's departure 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, PBA Commissioner Noli Eala mentioned that some companies were interested in joining the league, although he did not stressed which of these companies were. One of Eala's vision was for the PBA to have a 12-team league. Welcoat suddenly came into the picture, expressing interest to buy the Shell franchise.
By January 2006, 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, which starts either in September or October.
Sources from the Philippine Journal revealed revealed 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 
The PBA will also require Welcoat to shell out P60 million as bond for five years, P7 million for participation fee and another P6 million for transfer fee.
Welcoat is reported to have already paid all necessary fees to both Shell and the league.
As incentive, the PBA allowed Welcoat to grab three amateur players from their Rain or Shine PBL team. The Paint Masters named JR Clarino Reyes, Junjun Cabatu and NCAA Most Valuable Player Jay Sagad last Wednesday as the three players from the core of its amateur team which they are elevating into the pros directly.
Welcoat also signed PBL veterans Nino Gelig, undrafted point guard Froilan Baguion, Jercules Tangkay and former Shell big man Adonis Sta. Maria. In the dispersal draft, Welcoat took Rob Wainwright and Gilbert Lao from Coca-Cola and Denver Lopez from San Miguel, in a dispersal draft.
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 remains unsigned with the team.
In their PBA debut, Welcoat lost to title-favorite 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 their first win in franchise history on October 9 defeating Coca-Cola. Their next two victories came at the hands of the San Miguel Beermen and the Talk 'N Text Phone Pals. Despite a 3-5 record, Welcoat lost their next 10 games along with injuries to key players to end their campaign with a 3-15 record, the only team to be eliminated after the elimination round of the 2006-07 PBA Philippine Cup.
During the 2007 PBA Fiesta Conference, the Dragons had two active imports, Wayland White and assistant coach Alex Compton. The other import, Charles Clark, preceded White but had an injury. The Dragons are the first team to be eliminated in the Fiesta Conference, by the hands of the Purefoods Tender Juicy Giants.
The Dragons finished with a 7-29 record for the 2006-07 PBA season. In the off-season they were awarded the first overall draft pick for the 2007-08 PBA draft after they won in the draft lottery.
|2006-07||Philippine Cup||3||15||0.167||Out from playoffs|
|Fiesta Conference||4||14||0.222||Out from playoffs|
Players of note
- Samboy Lim, former player, assistant coach and consultant in their Philippine Basketball League squad.
Other notable players
Includes people that played for the Welcoat franchise in the PBL.
- Eugene Tan
- Calijohn Orfrecio
- Celino Cruz
- Jojo Manalo
- Jay-R Reyes
- Christian Guevarra
- Ronjay Enrile
- Gilbert Malabanan
- Marvin Ortiguerra
- Mac Cuan
- Caloy Garcia
- Derrick Canlas
- Dino Aldeguer
- Anton Villoria
- Allen Patrimonio
- Ryan Dy
- Marc Almonte
- Joshua Dolor
- 1999 1st PBL Challenge Cup (def. Red Bull 3-0)
- 1999 2nd PBL Challenge Cup (def. ANA Water Dispenser 3-0)
- 2000 PBL Chairman's Cup (def. Shark Energy Drink 4-0)
- 2001 PBL Cup (def. Shark Energy Drink 4-0)
- 200 PBL Challenge Cup (def. Dazz 3-0)
- 2005 PBL Unity Cup (def. Montana 3-1)
- Enter the Dragons: Welcoat undergoes a ‘paint-staking’ makeover
- MYPBL.com: Rain or Shine
- PhilippineNews.com: Welcoat team: ‘Genesis’ of great players
- Sunstar Cebu: PBA offers franchise to Welcoat Paints
- Manila Times: Welcoat poised to enter PBA via Shell’s franchise
- Journal: Welcoat joins PBA family
- Manila Times: PBA welcomes Welcoat Paints as 10th member
- PBA.ph: Welcoat wants Compton in PBA debut