Kochi IPL dream over, investors back out

Kochi IPL dream over, investors back out
PTI
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First Published: Thu, Nov 25 2010. 04 59 PM IST
Updated: Thu, Nov 25 2010. 04 59 PM IST
New Delhi: Unable to resolve their differences, the Kochi franchise have withdrawn from the Indian Premier League (IPL) barely two days before the expiry of the BCCI deadline, paving the way for the Cricket Board to issue a new tender for a replacement team.
The IPL’s governing council will meet in Nagpur on 28 November to discuss the issue and is likely float a new tender.
“The IPL Kochi team has sent a letter to BCCI president Shashank Manohar withdrawing from the league. The IPL governing council will now deliberate on the issue and take a decision on the matter,” a top BCCI source told PTI.
The BCCI had given IPL Kochi termination of 30 days to sort out its problems but the wrangling within the consortium continued nonetheless.
The investors in the consortium - Anchor Earth, Parinee Developers, Rosy Blue and Film Wave - hold 74% of the equity.
The remaining 26% lies with the Gaikwad family - Shailendra, his brother Ravi and their parents all part of Rendezvous Sports World - as free equity for services rendered in bidding for the franchise.
It is this 26% which has become a bone of contention among the stakeholders as the investors are in no mood to give free equity to Gaikwad family.
The Gaikwads, on their part, have refused to part with the equity.
The BCCI had made it clear that eight teams will take part in the fourth edition of the league scheduled from 8 April, just six days after the World Cup
The Indications of Kochi pulling out also emerged through Shashi Tharoor’s tweets.
“Delighted about Somdev DevVarman’s second gold. Makes up4 disappointing news re Kerala IPL team’s apparent collapse after raising hopes yesterday,” the former junior foreign minister wrote on his tweets.
However, the BCCI did not specify whether Kochi has pulled out. BCCI vice-President Rajiv Shukla said the Board has received “certain letters” from the consortium’s stakeholders and a final decision on the troubled team would be taken on 28 November.
“I can only say that BCCI President (Shashank Manohar) has received certain letters from the Kochi stakeholders. Keeping that in mind a meeting of the IPL Governing Council has been convened on 28 November in Nagpur where a final decision will be taken on Kochi,” Shukla told reporters.
“Subsequently whatever steps are to be taken will be taken,” he added.
Asked whether the BCCI has made up its mind to expel the team from the IPL, Shukla said, “that right to decide lies with the Governing Council. I can’t say on that.”
The BCCI had given Kochi a month to sort out the internal squabbling and that deadline expires on Saturday.
The Cricket Board had earlier terminated the contract of Rajasthan Royals and Kings XI Punjab for allegedly violating contractual agreement last month. Both the franchises are now engaged in a court battle with the BCCI.
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First Published: Thu, Nov 25 2010. 04 59 PM IST