BCCI allows Kochi to participate in IPL 4
December 5th, 2010 - 5:08 pm ICT by ANIMumbai, Dec 5 (ANI): The Board of Control for Cricket in India (BCCI) on Sunday allowed the Kochi franchisee to participate in the fourth edition of the Indian Premier League (IPL).
The IPL Governing council, which had given a third deadline to Kochi last week, approved their ownership structure and took it in its fold.
“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.
Barely seven months after becoming the second most costliest team in the IPL, Kochi was on the verge of being thrown out of the event due to the shareholding dispute between the consortium’s investors.
The investors - 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.
On Friday, the Bombay High Court had extended the deadline for the IPL franchisees to sign up their respective “marquee” players till December 8.
The BCCI, which had, on October 10, expelled Kings XI Punjab and Rajasthan Royals from the IPL for allegedly violating contractual agreements, had given the Kochi IPL team 30 days to sort out its problems.
The BCCI 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. (ANI)
- IPL Kochi's fate likely to be decided today - Dec 05, 2010
- IPL governing council decides in favour of Kochi (Lead) - Dec 05, 2010
- Rendezvous adamant on 25 percent stake in Kochi IPL team - Oct 27, 2010
- Kochi franchise informs IPL GC about inability to resolve ownership dispute - Nov 25, 2010
- BCCI-Kochi IPL deadlock continues - Oct 22, 2010
- Kochi pulls out of IPL (Lead) - Nov 25, 2010
- Kochi IPL owner says no show cause notice received from BCCI - Oct 07, 2010
- Kochi out of IPL, board likely to call for fresh bids - Nov 25, 2010
- Kochi IPL gets 30 days to resolve its problems - Oct 27, 2010
- Kochi IPL franchise gets a month to sort out ownership differences - Oct 27, 2010
- Decision on Kochi IPL team deferred till Dec 5 - Nov 28, 2010
- Kochi IPL sweating over sweat equity - Oct 19, 2010
- Ahmedabad, Rajkot likely to replace Kochi in IPL - Nov 17, 2010
- BCCI officials questioned over IPL irregularities - Jan 12, 2011
- Mega-bucks from mofussil Maharashtra in IPL kitty - Apr 16, 2010
Tags: bombay high court, contractual agreements, december 8, film wave, franchisee, franchisees, governing council, india bcci, ipl, marquee players, ownership structure, president elect, punjab, ravi, rosy blue, seven months, shareholding, six days, sports world, srinivasan