MANILA, Philippines – Coca-Cola Bottlers Philippines Inc. (CCBPI) has sold the Powerade franchise to Sultan 900, Inc., a company owned by businessman and sportsman Michael "Mikee" Romero.
The Philippine Basketball Association’s (PBA) official Twitter account announced that CCBPI informed the league that it has "finalized the sale and transfer of its Powerade Tigers team franchise to Sultan 900, Inc."
The PBA Office of the Commissioner will then convene the Board of Governors "to secure the approval of two-thirds of its membership at the soonest possible time after the requisite documents from the parties have been secured."
It was reported in late June that PBA Commissioner Chito Salud met with Romero, who informed him that he is serious about joining the league.
"He's not an applicant merely curious on the process. He's no longer inquiring. He's informing us he will join," Salud said at the time.
The Powerade Tigers made it to the Finals of the PBA Philippine Cup last season, wherein they lost to the Talk 'N Text Tropang Texters in five games.
Romero, who is also the head of the Philippine National Shooting Association, has previously sponsored Red Bull and Burger King in the PBA. He also bankrolled the Harbour Centre Batang Pier team, one of the most successful franchises in the Philippine Basketball League.
Romero is also one of the owners of the Philippine Patriots in the ASEAN Basketball League.