MANILA, Philippines – The Philippine Basketball Association (PBA) said it will resolve the sale of the Powerade franchise to Mikee Romero’s Sultan 900 Capital Inc. on Friday.
"Mr. Romero said they will present the papers on the deed of assignment to our office on Wednesday and we will have a special board meeting on Friday to resolve the issue," said PBA chieftain Chito Salud in the league’s official website.
The PBA board was supposed to discuss the sale during the league’s directional meeting in Macau, but the agendum was deferred due to the lack of the papers attesting to the sale between Coca-Cola Bottlers and Sultan.
Salud said Romoro’s group was not able to submit all the papers earlier because of the monsoon rains.
"But he assured me they will be there by Wednesday," added Salud. "Once the deed is there and we have deemed them to be in order, then we will call for a meeting for the franchise transfer to be approved. But it also must garner two-thirds or seven votes of all the governors."
Romero is reportedly planning to change Powerade’s moniker to “Batang Pier” once the sale is approved.