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Kochi IPL franchise gets a month to sort out ownership differences | The Kochi consortium of the Indian Premier League (IPL) was on Wednesday given a reprieve of a month by the Board
of Control for Cricket in India (BCCI) to resolve its ownership-related dispute, failing which it runs the risk of termination from the league. The IPL Governing
Council, after an emergency meeting to discuss the issue here, served a 30-day
termination notice to the franchise to sort out its differences. "The Governing
Council received replies from two parties, the Rendezvous group and the other
co-owners, and they both felt that the dispute still exists," BCCI president Shashank
Manohar told reporters after the meeting. "The Governing Council has invoked clause
12 (1) and given them a 30 days notice that in case they don't remedy these disputes
in the 30 days, the franchise would stand cancelled on the 31st day," he said.
The emergency meeting was convened by Manohar in the wake of a dispute over who
will run the affairs of the franchise, bought from the Cricket Board for 333 million
dollars, once the joint venture was formed. The investors in the Kochi consortium
include corporate firms Anchor Earth, Parinee Developers, Rosy Blue and Film Wave
-- who hold 75 per cent of the equity. The remaining 25 per cent has been given
to the family of Gaekwads -- Shailendra, his brother Ravi and their parents plus
a few others, all part of the group of promoters -- Rendezvous Sports World --
as free equity for services rendered in successfully bidding for the franchise.
Asked why Kochi had been given more time after two other franchises -- Rajasthan
Royals and Kings XI Punjab -- were terminated over ownership issues, Manohar said
both the cases were different from Kochi. "This not an intermediary breach that
has been committed like in the case of Rajasthan Royals and Kings XI Punjab so
that is why they have been given 30 days time to remedy this," he explained. "According
to me the two cases are altogether are different. As far as Rajasthan Royals and
Kings XI Punjab are concerned there was transfer of ownership but as far as Kochi
is concerned there is no transfer of ownership therefore 30 days time for the
agreement has been given," he said. Manohar said that the board was not concerned
about the role of former Indian cricket captain Sunil Gavaskar in the franchise.
"What discussion took place between Mr Gavaskar and Mr (Satyajit) Gaekwad is known
only to Mr Gavaskar and Mr Gaekwad, the BCCI does not know," he said. Manohar
added: "We are not aware of that, we are not an investigative agency."
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