10-27-2010, 01:35 PM
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Kochi IPL team gets termination notice, but has 30 days to replyNDTV Correspondent, Updated: October 27, 2010 13:08 IST
Nagpur: The Kochi team has been given one last chance at survival with the Indian Premier League (IPL) governing council unanimously deciding to issue a termination notice to it and giving it 30 days to explain why the franchise should not be terminated.
Board of Control for Cricket in India (BCCI) president Shashank Manohar said after the council meeting in Nagpur today, that the Kochi franchise's breach was a remedial one and not like that of the other two teams that had been disqualified - the Rajasthan Royals and the Kings XI Punjab. So, he said, it had been given a month to respond.
Kings XI Punjab and Rajasthan Royals were ousted earlier this month due to several violations of their contract with the BCCI.
The Kochi IPL team is owned by the Gaikwad family's Rendezvous Sports World Private Limited. Speaking to NDTV after the decision, Satyajit Gaikwad said, "We are thankful that they have given us enough time to tie up our differences. We had asked for a grace period of 10 days but we got 30, so I am sure we will do it at the earliest."
The Kochi franchise has seen a very public dispute between its owners and in a last-ditch effort ahead of the IPL bosses' meet, one Kochi faction had written to BCCI indicating a compromise.
The franchise was given 10 days till October 21 to reply to the BCCI's show-cause notice.
Incidentally, the two factions of the franchise filed separate replies, an indication that the consortium had not resolved its differences.
The team was formed at a cost of over Rs. 1,500 crore and has 13 stakeholders. In the bid to save the team, it announced an association with Sunil Gavaskar on Tuesday, but Gavaskar later told NDTV that he did not have any stake in the Kochi cricket team, and that he had not accepted an offer to head the franchise's cricket operations.
He said he would make up his mind about joining Kochi once the franchise's fate was decided on Wednesday. "My name will not help them to get a favourable decision," he added. (Read: No stake in Kochi Team, Gavaskar tells NDTV)
Kochi won the IPL franchise in March this year, beating bids from Pune and Ahmedabad, which had bigger consortiums who were allegedly backed by powerful politicians and members of the IPL. If Kochi is booted out, then a fresh auction will be held for the eighth team.
WHAT CAUSED THE DISPUTE?
So what exactly caused this very public dispute between the Kochi franchise owners?
The Kochi consortium is clearly divided into two factions - Rendezvous Sports World, controlled by the Gaikwads, that owns 25 per cent in sweat equity and one per cent paid equity. Sunanda Pushkar, now married to former minister Shashi Tharoor, was also part of Rendezvous but has now relinquished her stake. Tharoor had also resigned as minister because of allegations that his link to the Kochi group was inappropriate, given that his then companion, Sunanda Pushkar, was a part of the consortium.
The remaining 74 per cent comprises five businessmen, who are objecting to that 25 per cent sweat equity, hoping instead that Rendezvous will agree to 10 per cent. But reports now suggest that one faction of the consortium which has written to the BCCI indicating a compromise has reportedly said Rendezvous Sports can have 12.5 per cent free equity. But the Gaikwads are determined that the ownership pattern cannot be changed now as this is what they had charted out in their bid to the BCCI in April.
Board of Control for Cricket in India (BCCI) president Shashank Manohar said after the council meeting in Nagpur today, that the Kochi franchise's breach was a remedial one and not like that of the other two teams that had been disqualified - the Rajasthan Royals and the Kings XI Punjab. So, he said, it had been given a month to respond.
Kings XI Punjab and Rajasthan Royals were ousted earlier this month due to several violations of their contract with the BCCI.
The Kochi IPL team is owned by the Gaikwad family's Rendezvous Sports World Private Limited. Speaking to NDTV after the decision, Satyajit Gaikwad said, "We are thankful that they have given us enough time to tie up our differences. We had asked for a grace period of 10 days but we got 30, so I am sure we will do it at the earliest."
The Kochi franchise has seen a very public dispute between its owners and in a last-ditch effort ahead of the IPL bosses' meet, one Kochi faction had written to BCCI indicating a compromise.
The franchise was given 10 days till October 21 to reply to the BCCI's show-cause notice.
Incidentally, the two factions of the franchise filed separate replies, an indication that the consortium had not resolved its differences.
The team was formed at a cost of over Rs. 1,500 crore and has 13 stakeholders. In the bid to save the team, it announced an association with Sunil Gavaskar on Tuesday, but Gavaskar later told NDTV that he did not have any stake in the Kochi cricket team, and that he had not accepted an offer to head the franchise's cricket operations.
He said he would make up his mind about joining Kochi once the franchise's fate was decided on Wednesday. "My name will not help them to get a favourable decision," he added. (Read: No stake in Kochi Team, Gavaskar tells NDTV)
Kochi won the IPL franchise in March this year, beating bids from Pune and Ahmedabad, which had bigger consortiums who were allegedly backed by powerful politicians and members of the IPL. If Kochi is booted out, then a fresh auction will be held for the eighth team.
WHAT CAUSED THE DISPUTE?
So what exactly caused this very public dispute between the Kochi franchise owners?
The Kochi consortium is clearly divided into two factions - Rendezvous Sports World, controlled by the Gaikwads, that owns 25 per cent in sweat equity and one per cent paid equity. Sunanda Pushkar, now married to former minister Shashi Tharoor, was also part of Rendezvous but has now relinquished her stake. Tharoor had also resigned as minister because of allegations that his link to the Kochi group was inappropriate, given that his then companion, Sunanda Pushkar, was a part of the consortium.
The remaining 74 per cent comprises five businessmen, who are objecting to that 25 per cent sweat equity, hoping instead that Rendezvous will agree to 10 per cent. But reports now suggest that one faction of the consortium which has written to the BCCI indicating a compromise has reportedly said Rendezvous Sports can have 12.5 per cent free equity. But the Gaikwads are determined that the ownership pattern cannot be changed now as this is what they had charted out in their bid to the BCCI in April.
Read more at: http://www.ndtv.com/article/sports/kochi...dingnow&cp
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Airtel Digital HD Recorder / Kerala Vision Digital TV
Airtel Digital HD Recorder / Kerala Vision Digital TV