With no middle ground,Kochi team future unclear

There seems to be no middle ground in sight for investors of the Kochi Indian Premier League team.

There seems to be no middle ground in sight for investors of the Kochi Indian Premier League team. Both parties Rendezvous Sports World Private Limited (RSWPL) on one hand and the five other investors on the other havent been able to sort out their differences as on Sunday. The BCCI deadline expires on Thursday.

The five investors that include Anchor Earth Private Limited,Parinee Developers and Properties Private Limited,Filmware Combines Private Limited,Anand Shyam Estates Private Limited and Vivek Venugopal,it is learnt have lost faith in RSWPL.

We wonder why they have appointed someone like Satyajitsinh Gaekwad as the chief executive officer. He has no knowledge about cricket and is a politician. They have failed to provide professional management, sources close to the investors told The Indian Express.

The most unfortunate thing is that both the Unincorporated Joint Venture,which holds the rights to the team and the shareholder,RSWPL share the similar names Rendezvous Sports World. All the controversies have happened within the shareholder of RSWPL. However,because of the common names,the Kochi IPL team is also getting the bad name. It started with the controversy of Sunanda Pushkars sweat equity. Also those backing RSWPL have dubious reputations. These have come to light in various reports after the franchisee rights were awarded, said a source close to the investors. This group of five investors wanted RSWPL to reduce their sweat equity from 25 per cent to a nominal amount. Now,RSWPL has agreed to invest instead of giving up the sweat equity. However,this group of five investors is worried about the source of income of RSWPL.

They have only communicated this offer verbally. There is no clarity on when they will invest. We do not want to get into trouble later as we are not confident of the credentials of those behind RSWPL. We have not been able to come to a consensus and if things remain like this I am afraid we will lose the franchisee rights, the investor added.

A source close to RSWPL said that the five other investors were trying to put a spoke in the wheel of the Kochi franchisee by bringing up one issue after another. We are ready to invest 25 per cent equity. They have no reason to complain. We want to walk together with the other investors and fulfil the IPL aspirations of the people of Kerala. It seems like they want us out of the picture, the source said.

In its showcause notice to Rendezvous Sports World (Unincorporated Joint Venture) dated October 1,the BCCI had asked the investors to furnish a document executed by all the members of the UJV that all disputes had been resolved and that a company would be incorporated within a fixed time to hold the IPL rights.