Mumbai: The row over Kochi Indian Premier League (IPL) team’s ownership still remains unresolved as the franchise owners sent a yet another email to the Board for Control of Cricket in India (BCCI) stating the share structure.
As per reports, the email stated that the sweat equity of the Rendezvous Group has been reduced to 10%.
The structure created a conflict in interests within the team owners as the Rendezvous Group made it clear that they refuse to accept anything less than 25%.
These two different proposals from sparring owners could lead to the Kochi team being scrapped.
The IPL Kochi franchise, whose partners have been finding it difficult to form a Joint Venture company conforming to the norms of the Twenty20 League as stipulated by the BCCI, on Thursday asked the Board to provide them some more time to do the needful.
“Yes (we have asked for more time). We are in an advanced stage of negotiations and need time to tie up technicalities,” the franchise’s CEO Satyajit Gaekwad said.
The franchise, which had been given 10 days to sort out its problems, submitted its letter to the BCCI, which will now take a decision on the newly-formed team’s fate in the fourth edition of the high-profile league.
The legal team of the Cricket Board has been entrusted with the task of studying the letter which has been forwarded to Board president Shashank Manohar.
The crux of the dispute is who will run the affairs of the franchise, bought from the Cricket Board for a staggering USD 333 million, once the JV was formed. The investors include corporate firms Anchor Earth, Parinee Developers, Rosy Blue and Film Wave - who hold 75 per cent of the equity.