BCCI terminates IPL agreements of Rajasthan Royals, Kings XI Punjab - India News and Travel Times Provides India-centric and other News and Features

The Board of Control for Cricket in India (BCCI) on Sunday terminated the Indian Premier League (IPL) franchise agreements of Rajasthan Royals and Kings XI Punjab over 'breaches committed by the franchisees'. The decision was taken in an IPL Governing Council meeting held in Mumbai. It also issued a notice to the Kochi Team, and asked the franchise to settle its internal differences. "The GC of the IPL met today (Sunday) to discuss and decide on the breaches committed by three of the franchisees, K.P.H. Dream Cricket Pvt Ltd, the owners and promoter of the Kings XI Punjab cricket team, Jaipur IPL Cricket Pvt Ltd and the unincorporated joint venture holding the Kochi franchise," a BCCI statement said. "It was also unanimously decided that the franchise agreement with K.P.H. Dream Cricket Pvt Ltd and Jaipur IPL Cricket Pvt Ltd be terminated forthwith based on the legal opinions obtained by BCCI in the matter. "It was also decided to issue a notice to the unincorporated joint venture holding the Kochi franchise calling upon them to resolve all their disputes and form a joint venture company which will hold the IPL franchise rights," it added. The Rajasthan Royals was acquired by Emerging Media group for 67 million dollars. The investors in the team include Bollywood actress Shilpa Shetty, Lachlan Murdoch, Aditya S. Chellaram and Suresh Chellaram. The first owners of Kings XI Punjab included Preity Zinta, Ness Wadia (Bombay Dyeing), Karan Paul (Apeejay Surendera Group) and Mohit Burman (Dabur). The group had paid a total of 76 million dollars to acquire the franchise. The Kochi Team franchise is owned by Rendezvous Sports World and Ashoor Namrood. It is one of the two franchisees added to the IPL for the 2011 season.