IPL Kochi asks BCCI for more time to resolve dispute
The Indian Premier League franchise of Kochi has requested the Board of Control for Cricket in http://www.senore.com/Cricket/India-c750 (BCCI) an extension of ten days in a bid to try and resolve the internal problems associated with the
shareholding pattern in the franchise. The BCCI had earlier given the franchise a deadline up to October 20 to come up with a joint venture, failing which they would ban the franchise.
Earlier, the Kochi franchise had won the right to own the same for a sum of $333 million in an auction that had taken place in http://www.senore.com/Cricket/March-c74391 this year. There was a consortium of investors who had won the bid and
were expected to form a joint venture to manage the team. However, even after seven months since the winning at the auctions, internal squabbles have meant that no such venture has yet been incorporated.
The franchise said, "We have requested a ten-day extension because we are at an advanced stage of resolving the issue,"
There are two main factions within the consortium. The Rendezvous Group is one faction and Mehul Shah, head of the Anchor Group is the other. It was reported that the two sides were at the advanced stage
of discussion and according to a franchise official, the two sides needed time "to resolve all pending disputes in order to tie up amicably to form a fruitful joint venture into a regular company".
The BCCI chief administrative officer, Ratnakar Shetty said that the BCCI was looking up on the request that had been sent across. He added, "The president will study it, our legal team will study it before
taking a decision,"
The BCCI had already banned two of the IPL teams, http://www.senore.com/Cricket/Punjab-c833 from playing in the IPL for financial irregularities in the first three seasons. This means that if the Kochi team
is also dismissed, then the IPL will be left with only seven sides as opposed to ten as had been earlier planned.
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