The Philippine Stock Exchange was informed Friday of the sale which will be completed upon compliance by SMC and Coca-Cola Co. of the transition service program and cooperation agreement for a maximum of 18 months.
Within that period, the SMC management has to decide whether the PBA franchise would be included in the deal.
SMC basketball operations chief Robert Non said the management has yet to discuss the matter though he expected a decision could be made only after the ongoing PBA All-Filipino tournament.
There were speculations San Miguel would keep the franchise through another SMC subsidiary that will take over Coca-Cola after the completion of the sale.
The giant food and beverage conglomerate has three other PBA ball clubs in San Miguel Beer, Ginebra San Miguel and Purefoods Chunkee.
Before the current season started, word went around that Coca-Cola would soon disband as the club management sent key players Rudy Hatfield, Rafi Reavis, Billy Mamaril and Johnny Abarrientos to Ginebra.
The management also transferred coach Chot Reyes to San Miguel then took in coach Binky Favis who formed a ragtag team composed mostly of rookies and free agents.
The Tigers finished ninth place in the Philippine Cup double-round classification phase, barely avoiding early exit in the tourney.
Coca-Cola took over the Pop Cola franchise in 2002 after CCBPI purchased the Cosmos Bottling Corp. from the RFM Group of Companies.
Under coach Reyes and with Abarrientos, Reavis, Ato Morano, Jeffrey Cariaso and Rudy Hatfield among his key players, the Coca-Cola ball club made history by winning a title right in its first year in the league.
The Tigers pulled the rug from under the Alaska Milk Aces in the All-Filipino finals while playing the whole title series with Cariaso, Cris Bolado and Estong Ballesteros sidelined by injuries. Abarrientos missed the last three games after suffering fracture on his right cheekbone in a freak accident in the series opener.
Reyes won another title the succeeding tourney then steered the Tigers two more final appearances — achievements that weighed heavily as he was appointed to call the shots for the national training pool.
With Reyes on loan to the RP pool, Coca-Cola, however, went on a downhill ride starting in 2004.