COCA-COLA’S top brass confirmed its Philippine franchise has not been sold to San Miguel Corp. (SMC), thus dousing cold water on reports that Powerade will remain as an “independent” team in the Philippine Basketball Association (PBA).

Williams Schultz, president and chief executive officer of Coca-Cola Bottlers Philippines Inc. (CCBPI), clarified in a letter to PBA Commissioner Chito Salud that they remain in control of the Tigers squad, although he hinted at having talks with SMC that in the event that the Powerade team would be up for sale, it would have the so-called right of first refusal.

The Coca-Cola franchise used to belong to SMC, but lost it in 2007 when the company was acquired Coke global. Reports have it that the sale is pegged at P100 million.

Salud said if a deal would indeed be concluded between SMC and Coca-Cola, it would have to be fully scrutinized because the former already has three teams in the league—Petron, B-MEG and Barangay Ginebra.

Coke’s clarification, however, does not put off the proposal for Petron to acquire Mario Lassiter for Noy Baclao and Rey Guevarra. But that, too, according to Salud, would have to be discussed by the PBA board which meets on Monday.