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» Mumbai: The BCCI today allowed the squabbling Kochi franchisee to participate in the fourth edition of the Indian Premier League, ending the suspense over the fate of team.
Mumbai: The BCCI today allowed the squabbling Kochi franchisee to participate in the fourth edition of the Indian Premier League, ending the suspense over the fate of team.
The IPL Governing council, which
had given a third deadline to
Kochi last week after the
consortium's investors reached a
last-minute agreement over their
shareholding pattern, today
approved their ownership
structure and took it in its fold.
"At their meeting today, the IPL
Governing Council confirmed
that the Kochi Franchisee had
satisfactorily responded to the
notice issued to them by the
BCCI, and decided that the
Franchisee Kochi Cricket Pvt.
Ltd., would play in the IPL from
2011 onwards," BCCI Secretary
and President-Elect N Srinivasan
said in a release.
The Governing Council's decision
comes on the backdrop of the
legal developments involving the
BCCI and expelled IPL
franchisees - Kings XI Punjab and
Rajasthan Royals, the IPL
Governing Council.
Barely seven months after
becoming the second most
costliest team in the Indian
Premier League, Kochi was on
the verge of being thrown out of
the event.
But the owners of the
beleaguered franchise made a
last ditch attempt to save the
outfit by reaching a compromise.
Before the compromise, the
investors of the franchise, which
was bought for a staggering sum
of Rs 1533.33 crore, had written
to the BCCI informing them of
their intention to withdraw from
the IPL.
That letter was sent after the
BCCI, which had on October 10
expelled Kings XI Punjab and
Rajasthan Royals for allegedly
violating contractual agreements,
gave a termination notice of 30
days to the franchise to sort out
internal disputes regarding the
shareholding pattern.
The investors in the consortium
-- Anchor Earth, Parinee
Developers, Rosy Blue and Film
Wave -- hold 74 per cent of the
equity.
The remaining 26 per cent lies
with the Gaikwad family --
Shailendra, his brother Ravi and
their parents all part of
Rendezvous Sports World -- as
free equity for services rendered
while bidding.
It is this 26 per cent which
became a bone of contention
among the stakeholders as the
investors were in no mood to
give free equity to the Gaikwad
family.
The Gaikwads, on their part,
initially refused to part with the
equity but have now agreed to
forego at least some of it to put
an end to the squabbling which
threatens the very existence of
the team.
The BCCI has made it clear that
eight teams will take part in the
fourth edition of the league
scheduled from April 8, just six
days after the World Cup.
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