Mumbai: The owners of the Kochi IPL franchise is believed to have signed a Memorandum of Understanding (MoU) stating that Rendezvous Sports will hold only 10 per cent sweat equity in the team now.
Rendezvous Sports World is owned by a consortium that includes businessman Vivek Venugopal, Sunanda Pushkar and Shailendra Gaekwad. It was originally meant to hold 25 per cent sweat equity in the team.
According to sources, the consortium will submit the new terms to the BCCI early next week.
In March, Rendezvous Sports World had won the franchisee rights for the Kochi IPL team for Rs 1,500 crore.
The IPL`s Governing Council, which had met for an emergency meeting last Sunday, had terminated the contracts of of King`s XI Punjab and Rajasthan Royals for breach of rules and had given Kochi franchise ten days to sort out their problems.