Coke, SMC working out deal on franchise

MANILA, Philippines - Coca-Cola Bottlers Philippines Inc. president and chief executive officer William Schultz has confirmed they’re talking with San Miguel Corp. for the possible re-sale of the Coke franchise to the latter.

Schultz, however, denied that the franchise has already been sold as reported by another paper.

In a letter addressed to the PBA board of governors Monday, Schultz admitted he has met with the SMC management “conformably to a right of first refusal to buy the basketball team granted to SMC at the time CCBPI was acquired from SMC in 2007.”

Schultz said SMC confirmed its interest in maintaining and securing the right of first refusal to buy back the franchise.

The STAR has obtained a photo copy of Schultz letter to SMC president Ramon Ang, offering to sell the franchise for P100 million.

The Coca-Cola top executive stressed, though, that nothing has been finalized and no sale has been concluded.

Schultz also stated they will follow the proper process should they decide to consummate the franchise sale, first notifying and requesting approval from the PBA board.

“Its franchise has not been sold and that the ownership, operation and management of the Powerade team remain intact under CCBPI control,” said PBA commissioner Chito Salud as told by Schultz in a meeting Monday.

While issues have been clarified, Salud, however, still deferred acting on the proposed trade between Powerade and Petron until after the scheduled special board meeting on Monday.

Powerade is dealing Marcio Lassiter to Petron for Noy Baclao and Rey Guevarra.

Despite the clarification from Coca-Cola, Salud said they’re pushing through with their meeting Monday to give the governors the opportunity to ask further clarificatory questions.

On a related matter, Coca-Cola named Ronald Asuncion as an alternate governor to the PBA board while keeping JB Baylon the governor.

Schultz said Asuncion represents CCBPI on Monday’s meeting.

Meanwhile, B-Meg and Barako Bull fight for the early solo lead at the resumption of the PBA Commissioner’s Cup at the Astrodome today.

The two teams both got off to a winning start in the mid-season tourney that features imports of unlimited height with the Llamados outlasting the Meralco Bolts, 96-93, and the Energy routing the Alaska Milk Aces, 98-78, on opening day Friday.

Meralco and Petron both try to rebound from a losing debut as they play in the day’s other game at 7:30 p.m.

The Boosters bowed to the Ginebra Kings, 82-84, Sunday on Jayjay Helterbrand’s game-winning shot at the buzzer.