Mumbai: Relieved that the Kochi team has got the Cricket Board’s nod to play in the fourth edition of the Indian Premier League, Satyajit Singh Gaekwad today said the franchisee will get down to business to build the side for the Twenty20 event.
The BCCI today allowed Kochi team to play in IPL-IV after the consortium’s investors reached a last-minute agreement over their shareholding pattern.
“Differences (in the franchisee) are now things of the past. We had done everything to facilitate the team to survive. Earlier we were consortium partners. Now we are a family of IPL Kochi Private Limited,” Satyajit, who was here for the IPL Governing Council meeting, said.
“We will have a Board meeting as soon as possible, may be tonight or tomorrow to decide the future course of action and team building. We are very sure that we will rise up to the expectations of cricket fraternity of Kerala and India,” said Satyajit, spokesperson of Rendezvous Sports World Limited, one of the investors.
The compromise among the stakeholders came after the Gaekwads of Rendezvous Sports World Limited agreed, after initial refusal, to reduce their equity share to about 10 per cent from earlier 26 percent.
Satyajit, however, clarified that the entire 10 per cent equity was sweat and not paid up.
“Rendezvous has 10 percent sweat equity and there is no question of five per cent paid up,” he said.
The other investors in the consortium are Anchor Earth, Parinee Developers, Rosy Blue and Film Wave.