Kochi seeks more time

Kochi seeks more time

“Yes (we have asked for more time). We are in an advanced stage of negotiations and need time to tie up technicalities,” messaged the franchise’s CEO Satyajit Gaekwad.  The franchise, which had been given 10 days to sort out its problems, on Wednesday submitted its letter to the BCCI, which will now take a decision on the newly-formed team’s fate in the fourth edition of the high-profile league.

The legal team of the BCCI has been entrusted with the task of studying the letter which has been forwarded to Board president Shashank Manohar. “Today was the last day given to the the Kochi franchise for responding to the notice given to them. They held a few meetings in the last two-three days and submitted a letter which has been sent to the president,” said Prof Ratnakar Shetty, BCCI’s Chief Administrative Officer.

Without revealing the contents of the letter submitted by the franchise, whose partners have been squabbling over the nitty gritties of forming a Joint Venture company as per the norms and regulations stipulated by IPL, Shetty said the Board would take a call on the letter’s content after its legal department studied it.

“The president will study it, our legal team will study it before taking a decision,” he said, adding that the Board, at present, has not thought about calling a meeting of the IPL Governing Council.

The various partners forming the consortium that successfully bid for the franchise, have had a series of meetings here to form the Joint Venture company that will hold the franchise rights for IPL. According to sources, the meetings were inconclusive in sorting out the differences between the two factions fighting for control of the franchise.

The crux of the dispute is who will run the affairs of the franchise, bought from the Cricket Board for a staggering USD 333 million, once the JV was formed. The investors 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 - as free equity for services rendered in successfully bidding for the franchise, the sources said.