1 cup cola
1 cup canned tomato sauce
1 (6 oz) can tomato paste
1/4 cup butter
1/2 cup worcestershire sauce
1/2 cup brown sugar
1/2 cup molasses
1/2 cup cider vinegar
2 1/2 tsp balsamic vinegar
1 1/2 TSP steak sauce
1 TSP yellow mustard
1 TSP chili powder
1 tsp dried savory
1 tsp onion powder
1 tsp garlic salt
1 tsp hot pepper sauce

In a large saucepan, mix together the cola, tomato sauce, tomato paste, butter, worcestershire sauce, brown sugar, molasses, cider and balsamic vinegars, steak sauce and mustard. Season with chili powder, savory, onion powder, garlic salt, and hot pepper sauce, and stir to blend. Cook over low heat, stirring occasionally, until the mixture is thick enough to coat the back of a metal spoon.

Avoid recipe's based on ketchup, IMO.