New Delhi: After just one season in the Indian Premier League, Kochi Tuskers Kerala could be facing a possible change of ownership.
It was always believed that the whopping sum of $ 333 million or about Rs 1533 crore was always too much. According to a report in Gulf News, the Kochi franchise owners are now in talks with a few potential buyers to offload some of their stakes.
Even the Pune franchise is looking to dilute some stakes considering they bought the franchise for an even steeper price. Owned by Sahara Group, the Pune franchise was bought for Rs 1702 crore.
The two teams were bought for an obscene amount at a time when the world was struggling with recession. It, however, seems the teams failed to be on the path of recovery. Drop of 20% in the IPL ratings has not helped their cause.
Kochi Tuskers Kerala even struggled to get big brands on board. Except for teams like Chennai Super Kings and Mumbai Indians, the revenue from sales of shirt sponsorship, merchandising and licensing for most IPL teams has not been great.
The Kochi and Pune franchises had also questioned BCCI's decision to reduce the franchise fee since it had reduced the number of matches to 74 from 94. The BCCI, however, was unperturbed.