(Updated 2:17pm) The proposed sale of the Powerade Tigers franchise by Coca-Cola Bottlers Philippines Inc. to the Michael Romero-owned Sultan 900 Capital Inc. has been approved by the league's board of governors.

A message on the PBA's official Twitter account @pbaconnect said that the league "warmly, wholeheartedly accepts Sultan 900 Capital Inc. as the newest member of the league via acquisition of the Coca-Cola franchise."

#PBA warmly, wholeheartedly, accepts Sultan 900 Capital Inc. as the newest member of the league via acquisition of the Coca-Cola franchise.

— pbaconnect (@pbaconnect) August 17, 2012
 
 
 

Details of the transaction were first released last July 30, but the proper documentation had only been submitted to the league office last August 15.

Comm. Chito Salud: Sultan 900 Capital Inc. submitted today documents necessary for the transfer of the CCBPI (cont) tl.gd/irmuni

— pbaconnect (@pbaconnect) August 15, 2012
 
 
 

This isn't the first time Romero has owned a sports franchise. He previously the owned seven-time PBL champions Harbour Centre Port Masters and all their subsequent iterations, and is co-owner of the Asean Basketball League's AirAsia Philippine Patriots.

"Finally we're a bonafide member of the PBA," Romero said. "I dreamed of playing in the PBA...instead I ended up owning a franchise."

Mr. Mikee Romero: Finally we're a bonafide member of the PBA. I dreamed of playing in the PBA... instead I ended up owning a franchise.

— pbaconnect (@pbaconnect) August 17, 2012

Romero had previously figured in an aborted attempt to purchase the Burger King Titans (now the Barako Bull Energy).

By approving the sale prior to the 2012 PBA Draft, which will be held on Sunday, Romero gets a chance to immediately make his mark on the squad, by deciding the team's direction through his choice of draft picks or trades.  - AMD, GMA News