Kochi Tuskers won arbitration case against the Board of Control for Cricket in India (BCCI) over wrongful termination from the Indian Premier League on Tuesday morning. The franchise has now asked for Rs 850 crore in compensation.
Kochi Tuskers won arbitration case against the Board of Control for Cricket in India (BCCI) over wrongful termination from the Indian Premier League on Tuesday morning. The franchise has now asked for Rs 850 crore in compensation. The news was confirmed by the IPL chairman Rajiv Shukla after a meeting of the IPL governing council, reported The Indian Express. “Kochi Tuskers has demanded Rs 850 crore as compensation. Today we discussed the matter at IPL GC (Governing Council) meeting and we will now place the matter before general body. Let them take a call but obviously, some negotiations are needed,” Shukla said.
The franchise owners had won the arbitration in 2015 challenging BCCI’s decision to encash bank guarantee citing breach of agreement but earlier this year, the board had reportedly offered the owners Rs 460 crore, an offer that was rejected. The RC Lahoti headed panel had directed BCCI to pay Rs 550 crore as compensation with 18 percent annual penalty on failing to do so. However, in last two years, the board neither paid the compensation nor included Kochi Tuskers back in the IPL.
“We have to pay Kochi compensation. All legal options have been exhausted. Normally when arbitration decision goes against you, it will be stupid to move Supreme Court appealing against it. We have no option but question is how much,” an IPL GC member was quoted as saying by PTI.
Kochi Tuskers’ IPL contract was terminated by the then BCCI president Shashank Manohar citing breach of franchise agreement even as other members expressed disagreement with his call. “It was one man’s obstinacy that is now costing us a bomb. Had Shashank not taken that decision, we could have worked our way out. In fact, before Kochi went to arbitration, they had asked for a compensation of Rs 300 crore. Even then our officials showed arrogance and now we will be forced to shell out more than double,” the official was further quoted saying in the report.