Kochi IPL gets 30 days to resolve its problemsOctober 27th, 2010 - 3:42 pm ICT by IANS
Nagpur, Oct 27 (IANS) The Board of Control for Cricket in India (BCCI) Wednesday gave the owners of Kochi’s Indian Premier League (IPL) team a 30-day deadline to solve its internal disputes or risk termination from the league.
The IPL Governing Council decided at an emergency committee meeting here to issue a termination notice to the Kochi IPL. If it fails to meet the deadline, the franchise would stand cancelled.
BCCI president Shashank Manohar said the Governing Council received replies from the Rendezvous group and the other co-owners, and they both felt that a dispute still existed.
“The Governing Council has invoked clause 12(1) and given them a 30-day notice that in case they don’t remedy these disputes in the 30 days, the franchise would stand cancelled on the 31st day,” he said.
Anchor Earth, Parinee Developers, Rosy Blue and Film Wave hold 75 percent of the equity while the Gaekwad brothers, who own Rendezvous Sports World, own the remaining 25 percent stake as free equity for services rendered in successfully bidding for the franchise.
The consortium bought the team from the BCCI for a whopping $333 million.
Manohar also said that Kochi’s case was not similar to that of other two suspended franchises — Rajasthan Royals and Kings XI Punjab, which were terminated over ownership issues.
“This not an intermediary breach that has been committed like in the case of Rajasthan Royals and Kings XI Punjab. That is why Kochi have been given 30 days time to remedy this,” he explained.
“According to me, the two cases are altogether different. As far as Rajasthan Royals and Kings XI Punjab are concerned, there was transfer of ownership. As far as Kochi is concerned, there is no transfer of ownership. Therefore 30 days time for the agreement has been given,” he said.
Manohar also said that the BCCI was not bothered about the links of former India captain Sunil Gavaskar, a former Governing Council member, with the Kochi franchise.
“What discussion took place between Gavaskar and (Satyajit) Gaekwad is known only to Gavaskar and Gaekwad, the BCCI does not know. We are not aware of that, we are not an investigative agency,” he said.
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Tags: 30 day notice, 333 million, committee meeting, council member, emergency committee, film wave, governing council, india bcci, internal disputes, ipl, manohar, punjab, rendezvous, rosy blue, royals, shashank, sports world, sunil gavaskar, termination notice, transfer of ownership