MANILA, Philippines - Sultan 900 Capital Inc. is buying the Powerade Tigers team for P100 million as agreed upon and stated in the deed of sale the Romero group forwarded to the PBA Commissioner’s Office yesterday.
PBA commissioner Chito Salud will convene the league board to a special meeting tomorrow after Sultan has submitted all the necessary documents on the proposed franchise sale.
A two-thirds vote (six of nine excluding Powerade or seven of 10 including Powerade) of the league board is needed for the sale agreement to be sealed.
Mikee Romero for Sultan and Coca-Cola top bosses William Schultz and Ronnie Asuncion are the signatories in the deed of sale.
Romero has earlier submitted the corporate profile of Sultan 900 Capital Inc. which is planning to play in the PBA using the name Global Port Batang Pier.
If ever, Global Port will be the newest ball club in the country’s premier pro league since Meralco’s takeover of Sta. Lucia Realty two years ago.
Meralco reportedly bought Sta. Lucia then for around P60 million.
The huge success of the league in the last two seasons could be one of the reasons the amount of a PBA franchise has increased significantly.
In the case of Powerade, sweetening the pot are marquee players Gary David, Jayvee Casio, Rabeh Al-Hussaini and Sean Anthony.
David has emerged as among the league’s finest players at the moment, leading all players in scoring in the last three seasons.
Casio was the top draft pick in 2011 while Al-Hussaini was the second choice in 2010.
If ever, Global Port will also have the rights on James Martinez, Rudy Lingganay, Jondan Salvador, Ray Guevarra, Francis Allera, Lordy Tugade, Romel Adducul, Josh Vanlandingham, Ricky Calimag and on the No. 10 and No. 16 picks in PBA Rookie Draft Sunday.
It will also have a pool of coaches led by Bo Perasol who still has a live contract with Powerade.
A Romero insider, however, said the young business mogul is still undecided as to whom he will tap to call the shots for the team.
Jorge Gallent, Junel Baculi, Louie Alas and Glenn Capacio are among coaches who have worked under Romero from his PBL days.
Should Coca-Cola eventually bow out, the Tigers leave behind pro basketball memories highlighted by two championships won under coach Chot Reyes in 2002 and 2003.