BCCI-Kochi IPL deadlock continues
By ANIFriday, October 22, 2010
NEW DELHI/KOCHI - The row over the Kochi Indian Premier League (IPL) team’s ownership remains unresolved.
According to a television channel report, Kochi owners have sent an e-mail to the BCCI on share structure and seeks Rendezvous Group’s sweat equity to be reduced to 10 percent.
The Rendezvous Group, however, is refusing to accept anything less than 25 percent.
Two different proposals from sparring owners could get the Kochi team scrapped, the Times Now channel reports.
The IPL Kochi franchise, whose partners have been finding it difficult to form a Joint Venture company conforming to the norms of the Twenty20 League as stipulated by the BCCI, yesterday asked the Board to provide them some more time to do the needful.
“Yes (we have asked for more time). We are in an advanced stage of negotiations and need time to tie up technicalities,” the franchise’s CEO Satyajit Gaekwad said.
The franchise, which had been given 10 days to sort out its problems, submitted its letter to the BCCI, which will now take a decision on the newly-formed team’s fate in the fourth edition of the high-profile league.
The legal team of the Cricket Board has been entrusted with the task of studying the letter which has been forwarded to Board president Shashank Manohar.
The crux of the dispute is who will run the affairs of the franchise, bought from the Cricket Board for a staggering USD 333 million, once the JV was formed. The investors include corporate firms Anchor Earth, Parinee Developers, Rosy Blue and Film Wave - who hold 75 per cent of the equity. (ANI)
