New Delhi, Nov. 28: The Indian Premier League governing council has postponed a decision on the faction-ridden Kochi franchise to December 5 after the promoters claimed to have resolved differences over team ownership.
BCCI president Shashank Manohar announced after the GC meeting in Nagpur on Sunday that the two warring parties had submitted a new ownership pattern in reply to the BCCI’s termination notice issued last month.
He said the council did not have enough time to review Kochi’s response at its meeting, and would seek the board’s lawyers’ opinion before taking any decision.
“They (Kochi) submitted a new ownership pattern yesterday (Saturday), but we did not have time to examine it,” Manohar said after the meeting. “We would like to seek the opinion of our legal experts before we take any decision.”
As part of the new agreement Rendezvous Sports, promoters of the franchise, have agreed to shrink their ownership stake to allow the rival investors group to have a bigger say in running of the company, which will be now called Kochi IPL Cricket Pvt. Ltd. “They have entered into an MoU whereby the stakes of Rendezvous is diluted from 26 per cent to 10 per cent,” Manohar said. “They have also given various affidavits which all need to be looked into,” he said.