Mumbai:The Governing Council of the Indian Premier League will meet in Nagpur, on Wednesday, to discuss the future of the Kochi franchise.
"The Governing Council will meet on Wednesday," BCCI president Shashank Manohar who is also the member of the Governing Council said on Monday.
Will a final decision on Kochi be taken? "That we can't say. We have a meeting that's it," Manohar's reply was precise.
The controversial Kochi IPL team's future is still pretty much up in the air. After expelling the Rajasthan Royals and the Kings XI Punjab, the BCCI had given the Kochi franchise a ten days time to sort out the differences between the members of the Consortium failing which they will face stern action.
It may be recalled that top brass of Kochi franchise had submitted their reply on the last day thereby meeting the deadline, but whether or not it would enable them to get their place in the next IPL season will be decided by the Board on Wednesday.
If the BCCI rejects the request, it would mean the team would meet the same fate as the Rajasthan Royals and the Kings XI Punjab. The board would expel the Kochi franchise on grounds of irregular ownership patterns.
If the franchise is dissolved there is likely to be a re-bidding for a 8th team. According to sources, Videocon has expressed its desire to join the bandwagon. The BCCI in all probabilities will not go ahead with a 7-team league.
In another scenario, the BCCI may give the franchise 10 more days to sort themselves out. Then the two factions would have to form a joint venture company. This means the BCCI would agree to a change in the ownership holdings of the franchise.
The legal team of the Cricket Board was entrusted with the task of studying the letter which has been forwarded to Board president Shashank Manohar.
The various partners forming the consortium that successfully bid for the franchise, have had a series of meetings to form the joint venture company that will hold the franchise rights for the cash-awash Twenty20 League.
According to sources, the meetings were inconclusive in sorting out the differences between the two factions fighting for control of the franchise.
The crux of the dispute is who will run the affairs of the franchise, bought from the Cricket Board for a staggering USD 333 million, once the JV was formed.
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, the sources said.
(With PTI inputs)