BCCI set to decide Kochi future on Wednesday
The future participation of the Kochi franchise in the Indian Premier League will be decided by the BCCI during an IPL governing council meeting in Nagpur on Wednesday.
The board will meet to discuss Kochi’s reply to their showcause notice which was reviewed by BCCI president Shashank Manohar and the board’s lawyers.
“We have to consider the feedback that our lawyers give. After that we will decide what can be done. We gave them 10 days to sort out the issue. They have asked for time. On Wednesday day we will decide the future course of action,” said BCCI spokesman.
Once the fate of the franchise is decided the board can start planning for next years IPL, if Kochi is thrown out fresh bidding will take place for a replacement team forcing the player auction to be delayed until January.
“If they manage to get things clear early then auction will be held in November. And if they failed too then auction will happen in January,” added the spokesman.
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.