Kochi future to be decided in December
The future participation in the Indian Premier League of the Kochi franchise will be decided on December 5th after the BCCI deferred its decision until their next IPL governing council meeting.
It was widely expected that the BCCI would scrap the franchise during todayís governing council meeting but the board will take one last look at the franchises ownership structure before making the final decision.
"Our legal experts will study the papers before coming into conclusion on Kochi franchise," said BCCI president Shashank Manohar after the meeting.
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 after successfully bidding $333 million at the IPL franchise in March.
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.