Mumbai: In a new twist to the entire IPL-Kochi team row, Kisan Gaekwad, chairman of Rendezvous Sports World Pvt Ltd (RSWPL), has claimed that the issues between the owners have been ‘resolved’ and that the team might survive the axe.
A few days earlier, the IPL Kochi team owner had sent a letter to the BCCI withdrawing from the league, after failing to resolve their differences. However, now, according to Gaekwad, the members have come down to a solution and hopefully, the team will play in the fourth season of the Indian Premier League.
“Things have finally been resolved and we are very happy. The equity structure is yet to be decided but there has been an understanding. Hopefully, now the franchise will not be lost,” Gaikwad told an Indian newspaper.
The IPL Governing Council and BCCI are meeting on Sunday in Nagpur to finally decide the fate of the team.
According to sources, the Gaekwad family has agreed to bring down their holding in the franchise from 26% to 10% and may even pay for up to 5% (out of the 10%) of that equity.
Earlier, BCCI president Shashank Manohar had said that the final decision on the Kochi franchise would be taken only after November 27, the deadline given to the bickering investors to resolve their differences.
The issue within the team primarily revolves around the shareholding pattern and overall control of the franchise’s cricketing operations. Sources reveal that the two warring parties have decided to appoint a board to look after the cricketing operations.
While it is for the BCCI to give a final word, reports that Kochi owners have come to an amicable solution came to light on Saturday evening.
“The last thing BCCI would want is a fresh auction because the earlier auctions weren’t a very pleasant experience. If Kochi shows signs of a compromise, that is the best thing the board can expect and Kochi seems to have done just that,” an official in the know of developments said.