Since there was no completed sale yet between Powerade and San Miguel Corp., the Philippine Basketball Association said the Tigers remain an independent franchise under the control of Coca-Cola Bottlers Phils., Inc.

A day after  meeting with CCBPI President and Chief Executive Officer William Schultz, PBA Commissioner Chito Salud said he has been assured by the CCBPI big boss that the firm’s basketball franchise has not been transferred to the food and beverage company as what numerous reports have stated the past few weeks.

“Through a letter addressed to the PBA Board of Governors dated February 13, 2012, Mr. William Schultz, President and Chief Executive Officer of CCBPI, categorically stated that its franchise has not been sold and that the ownership, operation and management of the Powerade team remain intact under CCBPI control,” Salud’s statement said.

Salud, however, admitted that Schultz had already met with top officials of SMC over the sale of the franchise. A letter of the offer, dated November 2011, that was leaked to the media last week bared that CCBPI was asking for P100 million for the franchise.

Powerade, formerly Coca-Cola, bolted from SMC control in 2007. But there was a clause in the deal that if ever Powerade intends to sell its PBA franchise, SMC will have the right of first refusal.

“While SMC confirmed its interest in maintaining and securing the right of first refusal to buy Powerade, nothing has been finalized and no sale has been concluded,” Salud said.

While the PBA statement might put to rest rumors and speculations, Salud said that there is a need now for the league to create more rules regarding the sale of a franchise.

“While this clarification may help put to rest certain speculations surrounding this issue, it also lays bare a need for additional rules to govern the matter of franchise sale that would in the future prevent the kind of speculation and concerns that have been expressed the past weeks,” said Salud.

Schultz, meantime, assured Salud that he will follow the process of franchise sale in the PBA. For a franchise to be sold, it must first collect the two-thirds vote of the 10-member Board, meaning seven.

The response of CCBPI came after the PBA demanded clarifications from the company. The PBA wrote a letter to CCBPI after the Board meeting last Friday aimed to shed light on the matter failed to push through since only five members of the Board attended. No representative from among the SMC teams – Petron, B-Meg, and Ginebra – attended including JB Baylon, the governor of Powerade.

That drew frustration, particularly from Chairman Mamerto Mondragon. “I am extremely disappointed,” Mondragon said.

Mondragon has set another Board meeting on Feb. 20 to further dig deep into the issue.

Since no sale has been completed and a Board meeting has yet to be conducted next week, Salud said that he will have to defer his decision over the proposed trade that involves Powerade and Petron.

Marcio Lassiter is the one hugging the spotlight in the deal, where he will be shipped to the Boosters in exchange for two players who have rarely seen action – Noy Baclao and Rey Guevarra.