Time running out for Kochi IPL

The fourth edition of the Indian Premier League (IPL) may turn out to be a seven-team affair as time is running out for the Kochi IPL team to comply with the directions of the Board of Control for Cricket in India (BCCI).

The BCCI had set Wednesday as the deadline for the Kochi IPL owners to set up a joint venture so that it can be part of the IPL-4.

Various partners, who formed the consortium Rendezvous Sports to buy franchise for 333 million dollars,will meet for the last time on Wednesday.

But a solution in sight is highly unlikley.

The investors include corporate firms Anchor Earth, Parinee Developers, Rosy Blue and Film Wave – who hold 75 per cent of the equity.

The remaining 25 per cent has been given to the family of Gaekwads – Shailendra, his brother Ravi and their parents plus a few others – as free equity for services rendered in successfully bidding for the franchise.

Earlier this month,the BCCI had issued a notice to the newly-inducted Kochi team asking the partners to resolve all their internal disputes within 10 days after terminating the agreement with two other franchises – Kings XI Punjab and Rajasthan Royals – on alleged breach of the terms and conditions of the contract.

“It was further unanimously decided to issue a notice to the unincorporated joint venture holding the Kochi franchise calling upon them to resolve all their disputes and form a company which will hold the IPL franchise rights. Accordingly, P R Raman, advocate for BCCI has been given instructions to issue all the three notices,” the BCCI said in its October 10 media statement.

BCCI president Shashank Manohar had said about Kochi that the franchise had not violated the (franchise) agreement, but was only suffering from internal squabbles.

“Kochi hasn’t yet breached the agreement. There are some internal disputes,” the BCCI chief said.