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BCCI turn down Kochi request for more time

The IPL Governing Council has turned down Kochiís request to extend the deadline to resolve their ownership disputes and form a limited company.

Rendezvous Sports World Limited won the rights to the franchise based in Kochi after successfully bidding $333 million at the IPL franchise in March but the consortium partners are still trying to resolve the ownership differences.

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 turned down their request the BCCI said the consortium had already been given enough time sort their differences and the deadline canít be extended any further.

The consortium had asked the BCCI to extend their deadline by two months but, with the player auctions set to take place at the start of January 2011 the Governing Council repeated there desire to end the uncertainty by the end of November.

source - cricket20.com
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