It’s all but over for Kochi

According to a source,who has been part of the negotiations between the two factions,Rendezvous Sports World Private Limited’s (RSWPL) chief operating officer Satyajit Sinh Gaekwad and the other five investors,namely Anchor Earth Private Limited,Parinee Developers and Properties Private Limited,Filmware Combines Private Limited,Anand Shyam Estate Developers Private Limited,Vivek Venugopal,have not been on talking terms and are far from coming to any sort of consensus.

Only a miracle or a last-minute understanding between the investors can save the Kochi franchise now and convince GC members to give it the green signal.

The group of five investors wanted RSWPL to reduce their sweat equity from 25 per cent to a nominal amount. RSWPL agreed to invest instead of give up the sweat equity. However,this group of five investors are worried about the source of income of RSWPL. It is learnt that Gaekwad has now proposed to invest 12.5 per cent and retain a similar part as free equity but this offer has not cut ice with the other investors,so much so that one of five are now not keen on being part of the Kochi franchise anymore.

“I would request that BCCI to give us another four to five days. We will be able to completely sort out our differences and form a corporate entity and a joint venture will be entered into by all investors in the Kochi franchise,” Gaekwad told The Indian Express on Tuesday. Yet,the GC members are now running out of patience.

On October 20,the investors had forwarded a letter to the BCCI seeking more time to form the joint venture after being issued a showcause notice on October 10,the day the franchise rights of Rajasthan Royals and Kings XI Punjab were terminated.

However,the Gaekwad faction claimed on Tuesday night that they had not seen this letter that was forwarded to the BCCI and hence cannot comment on it.

Also Gaekwad naming Sunil Gavaskar as part of the Kochi franchise is being seen by the GC as a last-ditch effort to bring credibility to the franchise.

Gavaskar tried to distance himself from the Kochi team on Tuesday. “Kochi is not the only franchisee which has approached me. I have been approached by many other franchises even before the first auction was done. Nothing has come through. Basically,they talk about the cricketing aspect. But I am not so sure what I am getting at. BCCI will only look into the merits of the case. I just hope the consortium gets together and sorts out the issues. Then it will be easier for the BCCI to take a call on them,” Gavaskar said on Tuesday.

It is learnt that not all members of the GC are keen to give Kochi franchisee an extension in order to sort out their differences.

In case the Kochi franchisee does not materialise,then the BCCI is keen to go for a fresh auction in which franchisee rights for the four cities— Mohali,Jaipur,Kochi and Ahmedabad — will be up for grabs but the highest bidder will be awarded the rights to one of these cities which will become the eighth team in IPL IV.

The BCCI has entrusted Kochi’s letter with its legal team. The Indian board president Shashank Manohar,himself a legal hawk,is studying the letter forwarded by the franchisee owners.

Gaekwad confirmed that Rendezvous Sports World Pvt Limited had approached Gavaskar as soon as they had won the rights for the Kochi franchise and that the batting legend had declined to come on board as he was part of the GC. “Our latest approach was made after Gavaskar was no longer a GC member. This time he was more open to the idea.”