Coca-Cola franchise not sold to SMC—Salud
COCA-COLA HAS laid all the rumors about the sale of its PBA franchise to rest.
PBA Commissioner Chito Salud yesterday clarified that the beverage company’s stake in the pro league has not been sold to another company after meeting Coca-Cola Bottlers Phils. Inc. CEO William Schultz on Monday.
Through a letter addressed to the PBA Board of Governors, Schultz made it clear that no transfer of franchise rights transpired and the ownership, operation and management of the Powerade ballclub remain solidly intact under Coca-Cola’s control.
It ended weeks of speculation and unconfirmed reports that San Miguel Corp. had purchased the Coca-Cola franchise to the tune of P100 million.
Schultz confirmed that a meeting with the San Miguel top brass took place and an offer to sell was on the table, but nothing has been cast in stone.
Schultz pointed out that SMC owns the right of first refusal to buy back the ballclub after the Atlanta-based softdrink company acquired the franchise from the San Miguel group in 2007.
“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,” said Schultz in his letter.
TRADE DEFERRED
The Coca-Cola big boss said they would follow the proper process should it decide to consummate the sale of its franchise by first notifying and requesting approval for a sale from the PBA Board of Governors.
Still, Salud decided to defer action on the trade between Powerade and Petron that would swap Powerade rookie Marcio Lassiter with sophomore players Nonoy Baclao and Rey Guevarra.
“In order to give our Board of Governoer the opportunity to ask further clarificatory questions regarding the Coca-Cola response, I deem it prudent to defer acting on the proposed trade until after the special board meeting on Feb. 20,” said Salud.
Schultz also notified that Ronald Asuncion has been appointed alternate governor of Powerade and will be representing Coca-Cola in the meeting. /inquirer
