Aaron Moores | cricket20
Owners of the troubled Kochi IPL franchise have submitted a detailed report to the BCCI who will now decided on the newly formed team's future after issuing them with a showcause notice 10 days ago.
The BCCI’s legal team will now review the case before passing their findings on to Board president Shashank Manohar who will make the ultimate decision.
"Today was the last day given to the Kochi franchise for responding to the notice given to them. They held a few meetings in the last two-three days and submitted a letter which has been sent to the president," said BCCI's Chief Administrative Officer, Prof. Ratnakar Shetty.
The owners of the franchise are still trying to resolve the ownership differences between the five groups of investors; who still haven’t agreed on who will have control of the franchise.
The investors include finance companies Anchor Earth, Parinee Developers, Rosy Blue and Film Wave; who hold 75 per cent of the equity.
The remaining 25 per cent of the franchise was given to the Gaekwads family as free equity for their help in successfully bidding for the franchise.