IPL Kochi’s fate likely to be decided today

December 5th, 2010 - 12:20 pm ICT by ANI  

Mumbai, Dec 5 (ANI): Suspense over the fate of the Indian Premier League (IPL) Kochi franchise will finally end as the Governing Council meets here today to take a decision on the issue.

The Governing Council had last week deferred its decision on the franchisee for the third time, after the investors reached a last-minute shareholding agreement.

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)

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