Lassiter trade deferred
MANILA, Philippines – PBA Commissioner Chito Salud announced that the Powerade Tigers franchise has not been reacquired by the San Miguel Corp. (SMC) amid rumors over the company’s reported acquisition of Coca-Cola Bottlers Philippines, Inc. (CCBPI).
Citing the clarification made by Coca Cola Philippines’ CEO William Schultz, Salud said in PBA.ph that the “operation and management of the Powerade team remain intact under CCBPI control.” (http://www.pba.ph/news/entry/1400)
Should the sale of CCBPI to SMC pushes through, Salud said Coca-Cola has assured that it will follow the proper process of selling its Powerade franchise.
Salud said the process includes the notification and request of approval from the PBA Board of Governors.
CCBPI has already offered SMC the right of first refusal to buy the basketball team.
But Salud said that “while SMC confirmed its interest in maintaining and securing the right of first refusal to buy Powerade, nothing has been finalized and no sale has been concluded.”
Powerade Tigers (formerly Coca-Cola Tigers) used to be under SMC until CCBPI bought the franchise from San Miguel in 2006.
Meanwhile, Salud said the PBA will defer action on the proposed trade between Powerade and Petron Boosters.
The two teams are waiting for Salud’s approval of a deal that will send Powerade’s Marcio Lassiter to Petron in exchange for Nonoy Baclao and Rey Guevarra.
“I deem it prudent to defer acting on the proposed trade between Petron and Powerade until after the scheduled Special Board Meeting on Monday, February 20,” said Salud.