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Kochi IPL team's future still uncertain
Kochi IPL team's future is still pretty much hazy. A final decision will be taken after the Board studies Kochi's reply to the showcause notice.
New Delhi:
The controversial Kochi IPL team's future is still pretty much up in the air. Earlier, the BCCI was supposed to take a decision on the fate of the consortium on Thursday but now it seems that a final decision will be taken in the next couple of days as Kochi's reply to the Board's show cause notice is still being scrutinized.
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 and get their house in order. 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.
Earlier too the Kochi IPL franchise had been given ten days to sort out its problems. On Wednesday, it just about made the cut in replying to the BCCI's show cause notice.
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)
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 and get their house in order. 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.
Earlier too the Kochi IPL franchise had been given ten days to sort out its problems. On Wednesday, it just about made the cut in replying to the BCCI's show cause notice.
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)
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