Mumbai:The Kochi IPL franchise saga took a new turn on Sunday as the BCCI deferred its decision on the franchise's fate to December 5.
The IPL Governing Council which met in Nagpur on Sunday was supposed to take a final decision on Kochi's fate, but has now decided to extend the deadline as the owners have come to some sort of a settlement.
"They have disclosed their ownership pattern. Our legal experts will study the papers. There was no discussion with the investors because we are not legal experts. BCCI will take a decision on December 5 in Mumbai," BCCI President Shashank Manohar told reporters after the meeting.
Till Saturday it seemed that the franchise's future was doomed with many of the investors writting to the BCCI, clearly mentioning that they wanted to withdraw from the Indian Premier League.
With the 30-day deadline to sort out the sweat equity matter ending without any proper response from the Kochi owners, indications were there that the BCCI will scrap the franchise and float a new bid for the eighth IPL team which would participate in the 2011 edition of the cash rich T20 leage.
But hours before the meeting, the owners of the franchise were able to arrive at an amicable settlement and thus forwarded a few options to the BCCI.
Satyajit Gaekwad, the acting CEO of the franchise told NDTV that they have reached a consensus and the following options have been forwarded to the BCCI.
According to the present shareholding pattern, the investors in the consortium -- 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 Ravi and their parents all part of Rendezvous Sports World -- as free equity for services rendered while bidding.
It is this 26 per cent which became a bone of contention among the stakeholders as the investors were in no mood to give free equity to the Gaikwad family.
In the new formula worked out by the owners, the Gaikwad family has agreed to bring down their equity stake from 26% to 10%. They are further ready to buy out 5% of the 10% equity as well.
They have also reached a consensus over the control of the team with the other investors. The company will now be called the Kochi IPL Cricket Pvt. Ltd.
As a result the BCCI has now decided to study the entire matter and would take a final call on the fate of the franchise on December 5.
(With PTI inputs)