Dadaye pune warriors chilapo edukum ennu kettirunu..........Originally Posted by Saathan
ithu sathyam anekil ini muthal njan KKR fan alla...
kochi team undo?
I regret the good things i did for the wrong people
Dadaye pune warriors chilapo edukum ennu kettirunu..........
I regret the good things i did for the wrong people
Kochi franchise cleared to play in the IPL
ESPNcricinfo staff
December 5, 2010
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The Kochi franchise's new ownership pattern has passed scrutiny and the team will be a part of the IPL, the league's governing council has said after a meeting in Mumbai on Sunday. The IPL governing council had met last week in order to examine the new ownership pattern submitted by the consortium that owns the Kochi franchise after the various stakeholders resolved their internal disputes.
"The IPL governing council confirmed that the Kochi franchisee had satisfactorily responded to the notice issued to them by the BCCI, and decided that the franchisee Kochi Cricket Pvt Ltd, would play in the IPL from 2011 onwards," the BCCI said in a release after the meeting. Some of the owners of the Kochi franchise, including Satyasingh Gaikwad, the head of the promoters, was present at the two-hour long meeting.
The decision means that the IPL in 2011 will have at least eight teams, while uncertainty continues over the fate of the two franchises that were terminated - Rajasthan Royals and Kings XI Punjab. An arbitrator has since passed a stay order on Rajasthan's termination while the hearing of Punjab's appeal was stalled because the same arbitrator stepped down citing a conflict of interest.
"For the moment the IPL will have eight teams, until the courts decide on Rajasthan Royals and Kings XI Punjab, which have entered into legal battles with the BCCI after they were terminated," an IPL official told ESPNcricinfo.
The decision to allow Kochi to continue is the culmination of a long dispute between the franchise and the BCCI, who had served the franchise a termination notice on October 27, giving it a 30-day deadline to respond and explain why it should not be scrapped because of problems within its ownership structure. The franchise was given two extensions of the deadline before it finally submitted it's restructured ownership pattern on November 28.
The investors in the Kochi consortium include corporate firms Anchor Earth, Parinee Developers, Rosy Blue and Film Wave - which held 74 per cent of the equity according to the old shareholding structure. The remaining 26% had been given to the family of Gaikwads - Shailendra, his brother Ravi and their parents plus a few others, all part of Rendezvous Sports World - as free equity for services rendered in successfully bidding for the franchise.
More to follow ...
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