The Kochi IPL franchisees have sought more time to sort out their differences as the deadline given by the Board of Control for Cricket in India (BCCI) ended on Wednesday.
Sources said BCCI may extend the deadline if the five promoters holding 74% stake ? Anchor Earth (27%), Parinee Developers (26%), Anand Shyam (8%), Film Wave (12%), and Vivek Venugopal (1%) ? find a strategic partner to replace Rendezvous Sports World (RSW).
The Kochi team promoters are said to be in talks with high net worth individuals, builders and industry houses to come in as RSW’s replacement. “The four Kochi IPL promoters have written to the BCCI to consider this option before axing them from IPL,” a source familiar with the developments said. The Kochi franchisees had been given till October 20 to incorporate a legal entity with description of promoters and their shareholdings.
“The IPL governing council, which meets on Thursday to discuss the fate of Kochi’s IPL team, has two clear options. Cancel the bid of Kochi consortium and call for fresh bids for the eighth team or give some more days to the Kochi promoters minus the RSW,” said a source who works closely with some of the existing IPL teams. The RSW is promoted by Satyajit Gaikwad, a businessman with political interests. RSW owns 26% stake in the consortium as sweat equity while the other five promoters are investing hard cash. However, the other promoters do not wish to give RSW more than 10% stake, which is not acceptable to RSW promoters, sources said.
On October 10, the BCCI had terminated the agreements of Rajasthan Royals and Kings XI Punjab citing breach of their franchise agreements with the BCCI. It had also sent a notice to the Kochi IPL promoters to resolve their differences and incorporate a company in next 10 days else face disqualification.