Kochi franchise informs IPL GC about inability to resolve ownership disputeBy ANI
Thursday, November 25, 2010
BANGALORE - The beleagured Kochi IPL franchise has reportedly written to the Governing Council of the Indian Premier League, expressing its inability to resolve the ownership issue.
Though the franchise owners have until this Saturday to resolve their differences, it has been learnt that the investors behind the franchise are pulling out of the venture.
The investors are also said to have informed the BCCI about their move, and this could effectively result in the Kochi franchise’s expulsion from the league.
Should this widely expected move take place, Kochi would be the third IPL franchise after Rajasthan Royals and Kings XI Punjab to be expelled from the league.
The investors in the Kochi consortium - Anchor Earth, Parinee Developers, Rosy Blue and Film Wave -hold 74 per cent of the equity.
The remaining 26 percent has been given to the Gaikwad family and a few others.
Both these groups have had issues over ownership almost since Kochi won the bid to be part of the IPL.
The IPL’s governing council, in its emergency meeting on October 27, had given the franchise a month to resolve the issue, saying that on its expiry, the franchise would be scrapped.
Kerala Cricket Association secretary T C Mathew, however, still remains optimistic about the future of the Kochi franchise.
Should the Kochi franchise be expelled, the IPL is expected to issue new tender inviting bids for the replacement at its governing council meeting in Mumbai on November 28. (ANI)