Kochi franchise given 30 days to form company
The IPL Governing Council has given the owners of the Kochi franchise 30 days to resolve their ownership disputes and form a limited company; otherwise the BCCI will scrap the franchise.
Speaking after the meeting in Nagpur BCCI president Shashank Manohar issued a statement saying they had given Kochi 30 days to sort out their ownership problems.
Rendezvous Sports World Limited won the rights to the franchise based in Kochi after successfully bidding $333 million at the IPL franchise in March.
The owners of the franchise are still trying to resolve the ownership differences between the five groups of investors; who still havenít 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.
Having been handed a 30 day reprieve the owners will now have to resolve their ownership differences or risk losing the franchise all together.