Fresh bidding on cards, Kochi may find new investors

Nov 26 2010, 08:57 IST
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SummaryWith the BCCI expected to officially announce the withdrawal of the Kochi franchise from the IPL soon

With the BCCI expected to officially announce the withdrawal of the Kochi franchise from the IPL soon, speculations about fresh bids for the 8th team have started. The names doing the round include a consortium of Kerala film producers, actors and business houses including Muthoot group. Business groups such as Videocon, Adanis and Jaypee are also likely to join the fray.

BCCI will meet in Nagpur on Sunday to take a final call on the status of Kochi franchisee. Apart from Kochi, Ahmedabad and Rajkot are likely to be the options for the eighth IPL team.

“BCCI may cancel Kochi altogether and put Ahmedabad and Rajkot on the block. However, Kochi can also be considered in the auctions as the situation is still fluid. Already, a number of Kerala-based business groups have made inquiries to bid for Kochi,” a senior executive in a sports consultancy firm said.

Even Videocon and Adanis have expressed interest in bidding for the eighth IPL team, the source added.

Adanis had lost the bid for Pune franchise to Sahara and have been talking to IPL teams for picking up a stake.

Current Kochi promoters — Rendezvous Sports and other investors — won the bid for Kochi for $333 million but could not comply with the provisions of their franchisee agreement with the BCCI. Thereafter the BCCI gave the Kochi promoters one month time to resolve all differences.

The current Kochi promoters had to form a company and provide the shareholding details of each of the six promoters which has not happened.

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