The leadership squabble may spell doom for Indian Premier League?s (IPL) Kochi franchise. Sources said some investors in the Kochi IPL team no longer want Rendezvous Sports World (RSW) to represent them in the IPL. The leader can take decisions related to tender and other documents pertaining to the functioning of the franchisee.

The six investors had nominated Rendezvous as their representative in April. RSW was forced to bring down its free equity holding from 25% to 10% after the BCCI threatened to cancel the franchise.

The promoters may also not have addressed the issue of mandatory payment to BCCI as the change in shareholding pattern will impact the financials, sources added.

According to Clause 11 of the franchisee agreement, the franchisees should pay BCCI-IPL 5% of the net gain on share transfer or 5% of the initial price at which such shares were listed on any transfer deal. The franchisees submitted the revised shareholding pattern last week.

?If the promoters of Kochi IPL team have worked out their shareholding arrangements, then they may have to sign a replacement agreement with the BCCI subject to meeting numerous conditions listed in the original agreement,? an executive familiar with the legalities of sports contracts said. The BCCI will take a final call on the fate of the Kochi IPL team on December 5.

The Kochi IPL franchise was bagged by a group of six investors for $333.33 million in April. Five of them held 74% and are investing cash. They are Anchor Earth (27%), Parinee Developers (26%), Anand Shyam (8%), Film Wave (12%) and Vivek Venugopal (1%). The sixth, Rendezvous Sports World, had 1% sweat equity and 25% free equity with virtually no cash investment.

Another bone of contention between the two warring groups is the near negligible financial responsibility of RSW. According to the agreement signed between the Unincorporated Joint Venture (UJV) representing the six investors and the BCCI earlier this year, RSW contribution to fund raising will be limited to a mere 1.33%. Anchor Earth (36%), Parinee Developers (34.67%) and Film Waves (16%) would shoulder the burden.

Also, RSW would pay only around $4.4 million as the franchisee fees and that too over 10 years.