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Journalism of Courage
The potential investors in the Kochi franchisee got another lease of life when the Indian Premier Leagues Governing Council decided to take a final call on its future on December 5. This is after the two warring factions of investors seem to have come to some sort of a middle ground and submitted a fresh ownership pattern on Saturday,a day before the meeting of the Governing Council in Nagpur.
The Board of Control for Cricket in India (BCCI) had earlier issued a show-cause notice to the franchisee asking them to solve their differences over the ownership pattern.
After a hour-long meeting on Sunday,BCCI president Shashank Manohar said,Kochi has submitted its new ownership pattern but the council did not have enough time to review Kochis response at the meeting in Nagpur on Sunday. We will seek the opinion our lawyers before taking any decision.
Diluted stake for Rendezvous Sports
As part of the new agreement,Rendezvous Sports,the promoters of the franchisee,have agreed to reduce their ownership stake. This allows the other investors to have a bigger share in running of the company,which will be now called Kochi IPL Cricket Pvt. Ltd. They have entered into a memorandum of understanding whereby the stakes of Rendezvous is diluted from 26 per cent to 10 per cent, Manohar said. They have also given various affidavits,which need to be looked into.
However,an investor told The Indian Express on Sunday that things were now looking up for the beleaguered franchisee. We knew that Rendezvous wont give up their sweat equity easily. They were adamant to hold on to their sweat equity. All of us wanted to work together but all they wanted was power. We are happy that things have settled down now. Now there is a very good possibility of the Kochi IPL team taking shape.
