Kochi IPL
The BCCI on Sunday finally came to a conclusion on controversial Kochi franchisee and that they are eligible to participate in the fourth edition of the Indian Premier League, ending the drama on the fate of the newly added team in the IPL.
The IPL’s Governing council ( hereafter referred to as GC ), had given a final deadline to the Kochi franchisee last week after all its investors agreed to a last-minute agreement on their respective shareholding pattern, which they finally approved and took it in its fold.
“Today at the meeting, the GC stated that the Kochi franchisee had responded well to their satisfaction to the notice issued to them by the BCCI, and decided that the there would exist the franchisee Kochi which would play from the 2011 edition of IPL onwards,” quoted Secretary of Board of Cricket Control in India, N. Srinivasan in a press release.
The decision by the GC was taken on the basis of backdrop of the legal developments involving the BCCI and the recently expelled IPL teams Kings XI Punjab and Rajasthan Royals. Only seven months after being rated as the second most expensive team in the Indian Premier League, Kochi was on the verge of being thrown out of the event.
Somehow the owners of the franchise made a last ditch effort to save the outfit by reaching a compromise. Before the compromise, the investors which bought the franchise for a staggering sum of 1533 crore rupees had written to the BCCI notifying them about their intention to withdraw from the IPL.
Kochi’s owners sent the letter after the BCCI had expelled Kings XI Punjab and the Rajasthan Royals on 10th of October for allegedly violating contractual agreements. Kochi was given a termination notice of a month to sort out disputes amongst them regarding their team shareholding pattern.
The share holders in the franchisee are – Parinee Developers, Anchor Earth, Film Wave & Rosy Blue, together holding 74 % of the share. The remaining 26% lies with the Gaikwad family, Shailendra, brother Ravi and their parents, all who are a part of Rendezvous Sports World as a free equity for services rendered while bidding. It is this 26% which became a issue of controversy among the stakeholders as to the investors, it wasn’t acceptable to give free equity to the Gaikwads.
The Gaikwads, initially refused to part with the equity but finally have agreed to forego some amount and put a full stop to the squabbling which has threatened the very existence of the team since weeks. The BCCI made it crystal clear that only 8 teams will take part in the fourth edition of the IPL starting 8th April 2011.
Tags: Anchor Earth, BCCI, Cricket, Film Wave And Rosy Blue, Indian Premier League, IPL, Kochi, Kochi Franchisee, Parinee Developers, Rendezvous Sports World
