Kochi Franchisee Gets Green Signal, to Play in IPL 4

Mumbai: Kochi Franchisee Gets Green Signal, to Play in IPL 4

Mumbai, Dec 5 (PTI): The BCCI on Sunday December 5 allowed the squabbling Kochi franchisee to participate in the fourth edition of the Indian Premier League, ending the suspense over the fate of team.

The IPL Governing council, which had given a third deadline to Kochi last week after the consortium's investors reached a last-minute agreement over their shareholding pattern, on Sunday approved their ownership structure and took it in its fold.

"At their meeting today, the IPL Governing Council confirmed that the Kochi Franchisee had satisfactorily responded to the notice issued to them by the BCCI, and decided that the Franchisee Kochi Cricket Pvt. Ltd., would play in the IPL from 2011 onwards," BCCI secretary and president-elect N Srinivasan said in a release.

The Governing Council's decision comes on the backdrop of the legal developments involving the BCCI and expelled IPL franchisees - Kings XI Punjab and Rajasthan Royals, the IPL Governing Council.

Barely seven months after becoming the second most costliest team in the Indian Premier League, Kochi was on the verge of being thrown out of the event.

But the owners of the beleaguered franchise made a last ditch attempt to save the outfit by reaching a compromise.

Before the compromise, the investors of the franchise, which was bought for a staggering sum of Rs 1533.33 crore, had written to the BCCI informing them of their intention to withdraw from the IPL.

That letter was sent after the BCCI, which had on October 10 expelled Kings XI Punjab and Rajasthan Royals for allegedly violating contractual agreements, gave a termination notice of 30 days to the franchise to sort out internal disputes regarding the 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.

The Gaikwads, on their part, initially refused to part with the equity but have now agreed to forego at least some of it to put an end to the squabbling which threatens the very existence of the team.

The BCCI has made it clear that eight teams will take part in the fourth edition of the league scheduled from April 8, just six days after the World Cup.


Top Stories

Comment on this article

  • hameedmanila, dubai

    Sun, Dec 05 2010

    kerala news peaper now buzy.96.7 also

    DisAgree Agree Reply Report Abuse

  • nagendra nayak, Kudremukh

    Sun, Dec 05 2010

    congrats kochi, you made it go and rock, Now lets bring Shashi Tharoor in? jai ho...

    DisAgree Agree Reply Report Abuse

  • mahesh, udupi

    Sun, Dec 05 2010

    Sonia madam might have recomended the Kochi !!! Madams wedding gift to Shashi Tarur & his wife !!!!
    Vazir/ Bangalore , wats wrong if Keralites are called MALABARIES???????

    DisAgree Agree Reply Report Abuse

  • Vazir, Bangalore

    Sun, Dec 05 2010

    Roland, you are a pathetic racial bigot. How can you term the Kochy team as `malabaris?'If you say Keralites, it may have been justified. Perhaps, nobody could have taken offense even if term Malayalees was used though personally I don't agree that language of the State should not be used to denigrate a people. But this is too much. Any sensible or civilised person would not post such comments in a public platform like this website. There is a limit even for wild insinuations. Guys please control yourself!

    DisAgree Agree Reply Report Abuse

  • john, bahrain

    Sun, Dec 05 2010

    ronald you porbu always jealous of mallus ..... any way congrats kochi and all mallus

    DisAgree Agree Reply Report Abuse

  • Roland,

    Sun, Dec 05 2010

    I hope this isnt another scam? Wonder how much money the malbaris have paid to the IPL commissioner?

    DisAgree Agree Reply Report Abuse


    Sun, Dec 05 2010

    Congrats...Kochi IPL team gonna rock.

    DisAgree Agree Reply Report Abuse

Leave a Comment

Title: Kochi Franchisee Gets Green Signal, to Play in IPL 4

You have 2000 characters left.


Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.