PBA discusses Powerade Tigers, Lassiter issues Friday
MANILA, Philippines—The Philippine Basketball Association will continue to recognize Coca-Cola as the franchise owner of the Powerade Tigers until the league approves the reported sale of the team to San Miguel Corporation.
Also on hold is the trade that would send Powerade star rookie Marcio Lassiter to Petron for former No. 1 pick Nonoy Baclao and former No. 3 pick Rey Guevarra.
PBA Commissioner Chito Salud said the league will act on the transfer of Coca-Cola’s franchise rights after receiving a formal notice of the sale. Reports said Coca-Cola CEO Bill Schultz had already sold the franchise to SMC to the tune of P100 million.
The sale needs approval of the board by at least two-thirds vote.
“Short of these basic requisites, Coke remains a member of good standing entitled to all the rights and obligations attendant to regular membership,” said Salud in a text message.
PBA chair Mamerto Mondragon has set an emergency board meeting tomorrow to discuss the sale and get the lowdown from Coca-Cola representatives.
“I look forward to our board meeting on Friday where these speculations can be discussed openly and with transparency in the best interest of our fans,” said Salud, who is expected to arrive today from a vacation in Japan.
Also in the agenda is the Lassiter trade, which is being questioned by PLDT governor Ricky Vargas, who said “it doesn’t make sense for Coke to be trading away its good players if they are staying (in the PBA).”
Already, Gary David, Powerade’s top gunner, has already expressed sadness over the looming trade.
“But I’m a player, too, and those decisions are beyond my control,” said David.
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