NEW DEHLI: Responding to the Board of Control for Cricket in India’s (BCCI) notice, Kochi’s owner, Rendezvous Sports World Limited has said it would buy a part of its 25 per cent free equity in the Indian Premier League’s (IPL) franchise to resolve the dispute. Kochi has been given a month’s time to sort out ownership issues after a meeting of the league’s governing council in Nagpur.
“We have given Kochi 30 days to sort out their problems,” said the BCCI President Shashank Manohar.
The Kochi franchise was bought by the little-known Rendezvous Sports World Limited for $333 million at an auction in March to add two new teams to the existing field of eight.
The dispute arose after the various stakeholders in the franchise failed to agree on a 25 per cent free equity share for Rendezvous Sports. If the dispute is not settled, Kochi could join Rajasthan Royals and Kings XI Punjab on the sidelines. The investors in the Kochi consortium include corporate firms Anchor Earth, Parinee Developers, Rosy Blue and Film Wave that hold 75 per cent of the equity.
Earlier this month, Rajasthan and Punjab were thrown out for similar ownership issues as the BCCI, which owns the tournament, continued to crack the whip to cleanse the event of corruption charges.
Meanwhile, the Bombay High Court adjourned the hearing of Rajasthan’s petition challenging their expulsion to October 29.
Published in The Express Tribune, October 28th, 2010.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ