Kochi to pull out of Indian Premier League
The Board of Control for Cricket in http://www.senore.com/Cricket/India-c750 (BCCI) will need to hunt for the eighth team for the next edition of the Indian Premier League after it was revealed that the franchise of Kochi had decided to
pull out of the tournament.
The BCCI had earlier afforded a one-month long notice to the franchise in order to allow them to get over their internal squabbles but three days before the deadline was to expire, the owners have sent a
letter to the board informing them of their withdrawal.
What remains to be seen now is how the Indian cricket board goes about getting in an eighth team for the tournament that starts from April next year. The IPL had started off in 2008 with eight teams, and
two more teams were added this year when Pune and Kochi out-bi the others to earn the right to join the group. However, a series of tweets from Lalit Modi set in motion a set of incidents that snowballed into his own ouster from the post of the chairman of
IPL. It also saw the BCCI ban two of the older teams, Kings XI http://www.senore.com/Cricket/Rajasthan-c837 Royals. This means that with the exit of Kochi, IPL is left with only seven teams while the agreement with the broadcaster is to have at least eight.
According to reports, the BCCI will now issue a new tender to allow entities to bid for the new franchise. The tender will be issued in the next IPL meeting that will be held on 28 November.
The Kochi franchise had been bought in the auctions by a consortium of investors for a whopping $333 million. This consortium included the likes of Anchor Earth, Parinee Developers, Rosy Blue, Film Wave and
the Gaikwad family. However, the rest of the investors did not agree to the fact that the Gaikwad family was afforded 26 per cent free equity and that was the bone of contention that caused the split.
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