Rendezvous signs deal with BCCI on Kochi team

Rendezvous signs deal with BCCI on Kochi team

New Delhi: After days of uncertainty, Rendezvous Sports World Ltd has signed an agreement to become the owner of the Kochi team that will play in the Indian Premier League (IPL) from next year.

The ownership papers were inked on Saturday after the Board of Control for Cricket in India (BCCI) cleared the bank guarantee and other documents needed to support the $333.33 million (Rs1,480 crore) bid by the consortium.

“The agreement has been signed and everything was cleared by BCCI lawyers and LKM (Lalit Kumar Modi, IPL chairman) present at the site," said Vivek Venugopal, co-owner of the Rendezvous consortium.

The deal had come under a cloud after the owners reportedly failed to clearly name all the businesspeople and firms that made up the consortium.

‘The Times of India’ reported on Friday that BCCI had given 25% of the team’s equity to unknown entities. The issue was resolved after political intervention, as reported on Saturday by ‘Mint’. The paperwork was finally approved and the agreement was signed on Saturday.

“Yes, the agreement has been signed with the Kochi team owners," Modi told ‘Mint’. But when asked if the concerns had been resolved, he said: “For the time being."

A personal familiar with the situation said, on condition of anonymity, that Modi “has asked (Rendezvous) for some more financial details".

Rendezvous Sports is owned by entities such as Parinee Developers Pvt. Ltd, Anchor Earth, Film Waves and Anand Shah Developers, and is headed by Mumbai-based businessman Shailendra Gaikwad and West Asia-based Venugopal.