Bannered by former Mobiline import Artemus McClary, Coke won against San Miguel in seven grueling games to win their second PBA crown.

Coca-Cola failed to return in the Finals in the 2004 Fiesta Conference as they were eliminated by Red Bull in the semi-finals with Mark Sanford as import.

In the 2004–2005 PBA Philippine Cup, the Tigers struggled after the indefinite suspension of Rudy Hatfield due to citizenship issues, the acquisition of Ali Peek and John Arigo from Alaska in exchange for Jeffrey Cariaso and Reynel Hugnatan midway through the tournament and the naming of Chot Reyes as the head coach of the Philippine National team, the Tigers were eliminated by another sister-team Purefoods in the wild-card phase, 2-1.

Eric Altamirano made his return in the PBA as Coca-Cola's coach in the 2005 Fiesta Conference but the Tigers finished dead last in the tournament, eliminated by Alaska in the wild-card phase.

During the offseason, the Tigers selected FEU playmaker Denok Miranda in the first round, Magnolia Ice Cream forward Neil Rañeses and Montaña Pawnshop's Al Magpayo in the second round in the PBA Rookie Draft while hiring Barangay Ginebra assistant Binky Favis as the team's third head coach in nine months.

Both teams played a one-game match for the final outright quarterfinals berth in the playoffs on May 28 with the Tigers defeating the Express, 97–83.

The Kings sent Aries Dimaunahan and Ervin Sotto, along with future draft picks to Air21 while Coca-Cola received Kalani Ferreria from Brgy.

During the draft held in Market-Market, Taguig, the Coca-Cola Tigers selected ex-La Salle shooting guard Joseph Yeo as the third overall pick in the first round.

At the start of the season, Coca-Cola struggled throughout the conference due to its depleted lineup but had its share of surprising wins over Red Bull and Sta.

Coca-Cola replaced Johnson with Jeff Varem and acquired 1998 PBA MVP Kenneth Duremdes, Alex Cabagnot and Ricky Calimag from Sta.

Looking for a man in the middle and guards to boost its lineup, the Tigers pawned center/forward Mark Telan from Air21 in exchange for its two 1st round picks in the 2007 draft and signed Egay Echavez in the free agent pool.

On the start of the 33rd season, the Tigers won their first game against expansion team the Welcoat Dragons but then suffered a franchise-worst eight straight losses.

On November 26, the Talk 'N Text Phone Pals traded franchise player Asi Taulava to the Coca-Cola Tigers in exchange for Ali Peek and a 2008 first round pick.

After a dismal start in the Philippine Cup campaign, the Tigers made a move by getting Burger King stalwart Gary David alongside Chico Lanete, while giving up all-around Guard Alex Cabagnot and Wesley Gonzales in a deal.

The Tigers defeated Burger King in their first Wildcard match[2] before bowing out to the Rain or Shine Elasto Painters in the next game.

[8] During the off-season, Powerade did not renew the contracts of four players from the previous year namely Cesar Catli, Ricky Calimag, R.J. Rizada, and Marvin Cruz.

[9] On September 22, 2010, Asi Taulava was included in the three-team trade involving the Meralco Bolts and the Barako Bull Energy Boosters.

[10][11] After a disappointing season, Powerade began offseason buildup by releasing Rob Reyes and Chico Lanete, then resigning Ricky Calimag and signing free agents Alex Crisano, James Martinez and Rudy Lingganay.

In the 2011 PBA Draft, Powerade selected Gilas standouts JVee Casio and Marcio Lassiter, and acquired Josh Vanlandingham and Doug Kramer through trades.

Finally on April 20, 2012, the Philippine Basketball Association approved the trade in which Powerade sent Marcio Lassiter and Celino Cruz to Petron for Rey Guevarra, Rabeh Al-Hussaini, and Lordy Tugade.

[13] On May 1, 2012, another controversial trade was vetoed by the PBA which will send Doug Kramer to Barako Bull Energy in exchange for Jondan Salvador.

On May 5, 2012, the revised trade which will send Doug Kramer to Barako Bull Energy in exchange for Jondan Salvador plus its 2012 1st round pick from Talk 'N Text Tropang Texters was accepted by the PBA.

During the semifinal round of the 2011–12 Philippine Cup, rumors surfaced that the team would be sold back to San Miguel Corporation (SMC).

Speculations as to the reasons of his resignation was that he was the alleged source of the rumors of the franchise's sale and the controversial trade proposal of Marcio Lassiter.

[18] On July 30, 2012, CCBPI announced the sale of the Powerade Tigers to Sultan 900, Inc. which is owned and represented by its chairman and CEO Michael "Mikee" Romero.