Differences sorted out: Satyajit Gaikwad

Kochi : Satyajit Gaikwad, one of the stakeholders of Kochi franchise of Indian Premiere League (IPL), said all the differences over multiple issues between the share holders has been solved.

“We agreed to decide on various issues and finally agreed to agree on all the issues, that was the difference,” said Gaikwad in an interview to a national channel.

He also said that he is extremely happy about the fact that Kochi team will feature in the IPL 4.

Earlier, the Board of Control for Control in India (BCCI) approved the new ownership patterns of the Kochi franchise here Sunday.

The Governing Council of the IPL that met here approved the new shareholding structure proposed by the six investors of the franchise.

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

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 Satyajit, who all are part of Rendezvous Sports World — as free equity.

This 26 per cent, which became a bone of contention among the stakeholders.

It was earlier confirmed that Sunanda Pushkar, now wife of Congress MP and writer Shashi Tharoor, has given up her controversial share in Rendezvous Sports.

On Oct 10, two of the IPL teams- Rajasthan Royals and Kings XI Punjab- had their franchise agreements terminated by the Indian cricket board because of questions over their shareholding and ownership patterns.

The termination order for Rajasthan Royals franchise from the IPL, however, was stayed by six weeks by arbitrator Justice B N Srikrishna.

Royals, which had won the inaugural IPL, had moved the Bombay High Court last month after they were axed by the Board of Control for Cricket in India (BCCI) over the team’s ownership pattern.