New Delhi:The owners of the Kochi IPL franchisee have signed a memorandum of understanding (MoU) stating that Rendezvous Sports will hold only 10% sweat equity in the team now.
Rendezvous Sports World is owned by a consortium that includes businessman Vivek Venugopal, Sunanda Pushkar and Shailendra Gaekwad. It was originally meant to hold 25% sweat equity in the team.
According to sources, the consortium will submit the new terms to the Board of Control for Cricket in India (BCCI) early next week.
In March, Rendezvous Sports World had won the franchisee rights for the Kochi IPL team for Rs.1,500 crore.