Kochi IPL Team to sort out shareholding dispute within 30 days


Board of Control for Cricket in India (BCCI) has given Kochi IPL franchisee a 30 days termination notice unless the Team resolves the shareholding pattern that is the 25% stake that was offered free of charge to Rendezvous Sport, a sports management company.

Board of Control for Cricket in India (BCCI) has given Kochi IPL franchisee a 30 days termination notice unless the Team resolves the shareholding pattern that is the 25% stake that was offered free of charge to Rendezvous Sport, a sports management company.

The governing council of the IPL held an emergency meeting on Wednesday to discuss the submissions received by it from Kochi's owners. According to Indian Board President Shashank Manohar "The governing council received replies from two parties, the Rendezvous group and the other co-owners, and they both felt that the dispute still exists," "In case they don't remedy these disputes within 30 days, the franchise would stand canceled on the 31st day."
After Rajasthan Royals and Kings XI Punjab, Kochi IPL is the third team facing expulsion

"The cases are totally different. In the case of the other two teams, there was a transfer of ownership that took place without our permission and thus broke a rule. But this is a remedial breach and that is why the Kochi franchise has been given 30 days to sort out the matter," Mr. Manohar said.

With Sahara Pune and Kochi to join the IPL teams that were added to the expanded team of 10 IPL franhisees. The Kochi team had been bought for 15.3 billion rupees ($343.5 million) at the auction in April this year.


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