MUMBAI: The BCCI on Monday terminated its contract with IPL franchise Kochi Tuskers, citing "irremediable breach". The board said the consortium, which bought the franchise in 2010, had violated terms and conditions to the effect that things were now "irreparable".
"Because of the irremediable breach committed by the Kochi franchise, the BCCI has decided to encash the bank guarantee (in their possession) and also terminate the franchise," N Srinivasan, the newly elected BCCI president, said. He added that "the breach is not capable of being remedied". Later, chairman of the IPL governing council Rajiv Shukla said a decision on floating a tender for a new franchise would be taken soon.
However, it may not be the end of the Kochi story as the team is crying foul and has said that it will take the battle to the BCCI. One of the co-owners asked: "The deadline to pay the board is Sept 30. There is still time, so how can they simply terminate the contract?" Another member of the franchise, who said the deadline was not Sept 30 but 27, added, "If they are citing player dues as reason, it is inadequate."
The franchise has been neckdeep in controversy since the day it was bought by a consortium of seven separate entities/investors. However, the latest problem stems from the fact that one of the biggest investors (Anchor Earth, which owns 31.42%) is looking to pull out of the franchise because of internal squabbles. Anchor Earth's 31.42% stake is owned by brothers Atul and Mehul Shah. However, the Shahs don't seem to have a common view on investment in cricket, which is why their role in the Tuskers' future remains uncertain. "Who has said the franchise can't raise the money? The deadline is still a week away, why is the board jumping the gun," said one of the co-owners .
If Kochi goes to court, it will be the third franchise after Rajasthan Royals and Kings XI Punjab to do so. Royals and Kings had been sacked early this year and the two sides moved courts to make their way back into the cash-rich T20 league. However, some in the IPL say political influences in the BCCI are causing these troubles.
According to them, the crux of the current problem is that some investors/politicians want the franchise to shift from Kochi to Ahmedabad. Meanwhile, the BCCI is convinced about its decision and it is learnt that it has sought thorough legal opinion on the issue.
The Kochi franchise was bought by the consortium in 2010 for $333.33m (approx Rs 1,500 crore). Just last month, NRI Ravi Pillai, who recently acquired the Kovalam property of hotel Leelaventures, and filmmaker and cricket buff Priyadarshan from Kerala, are learnt to have acquired 15% stake in the franchise. The existing shareholding pattern of the franchise is as follows (Ravi Pillai and Priyadarshan not included): Anchor Earth 31.42%, Parinee Developers 30.27%, Film Waves Combine 13.97%, Anand Shyam Estate 9.3%, Vivek Venugopal 5%, Rendezvous 10% (5% paid, 5% free).
HAVE SOME TEAM OWNERS GOT WHAT THEY WANTED?
Soon after the decision by the BCCI to 'terminate' Kochi Tuskers Kerala from the IPL was out, team owners expectedly expressed shock and termed the decision harsh. But top sources close to the franchises told TOI that some team promoters "got what they wanted"
EYEWASH?
"Team promoters might be claiming that they will go to the court against the BCCI decision. They might as well. But even if the team owners go to court, they will demand a change in venue from the court by citing the losses they suffered in their first year of IPL at Kochi. I think on hindsight they are happy with the BCCI decision," the source said.
FUTURE IMPERFECT FOR PLAYERS
BCCI president N Srinivasan said there is no question of any change in the BCCI's stand. So what will happen to the players? "We have not thought about what to do about the players who played for Kochi IPL. But all those matters will be discussed and decided by the IPL governing council," said Srinivasan.
SREESANTH OPTIMISTIC
Cricketer S Sreesanth, who played for Kochi in their inaugural season, said: "I don't know about the reasons behind the BCCI decision. But I hope and pray the issues will be resolved soon and we get to play in Kochi next season too."
NEW BACKERS
With earlier reports suggesting that the team owners were keen to move Kochi Tuskers to Ahmedabad, the Kerala Cricket Association (KCA) had approached businessman Ravi Pillai and film director Priyardarshan to buy a stake in the franchisee and retain the base of the team in Kochi. Priyadarshan told TOI that they had signed a MoU with the Kochi franchisee and presented it to the BCCI some time back. "We had agreed to take 20% stake in the team provided the team plays in Kochi and the team owners resolve their pending issues with BCCI. We are still ready to get involved if the owners resolve their issues with BCCI," he said.
'ALL IS NOT LOST'
KCA secretary TC Mathew thinks all is not lost for Kochi IPL. "Yes , the BCCI has terminated the Kochi franchisee. But if they pay up the bank guarantee of Rs 156 crore to BCCI and tender an apology, I still think there is a way out," said Mathews. Former Kerala cricketer P Ranganathan said: "The biggest problem with Kochi Tuskers Kerala team was that the owners were not from Kerala. They were never interested in the development of Kerala cricket."
Former Kerala cricket captain Ananthapadmanabhan said the decision was a big blow for cricket in Kerala: "Young cricketers from Kerala benefited immensely from IPL. They could train along with some of the big players in international cricket and learn a lot from them. This decision will be a big blow to their aspirations."
Timeline of the drama involving Kochi, Rajasthan and Kings XI Punjab...
MARCH 21, 2010:
Kochi wins bid for IPL team
APRIL 16:
Lalit Modi tweets on IPL Kochi, questioning the ownership and role of minister Shashi Tharoor
OCTOBER 10:
BCCI terminates Rajasthan Royals and Kings XI Punjab's IPL contracts
OCTOBER 27:
BCCI gives squabbling Kochi 30 days to 'solve problems'
NOVEMBER 13:
Kings XI drags BCCI to court over scrapping order
NOVEMBER 25:
Kochi offers to withdraw from IPL
NOVEMBER 27:
Kochi offers to resolve problems, hands over new ownership pattern
DECEMBER 1:
Rajasthan Royals get interim relief for 6 weeks
DECEMBER 5:
Kochi gets green signal to field IPL team
JANUARY 8-9 , 2011:
Kochi franchise spends close to $9m on players in their first-ever auction
MARCH 26:
Kochi franchise demands a 25% waiver from franchise fee because number of matches are reduced
APRIL 9:
Kochi debuts in IPL 4
APRIL: 30:
BCCI rejects Kochi demand for waiver
JUNE 23:
Kochi requests for franchise to be shifted to Ahmedabad
SEPTEMBER 19:
Contract with Kochi Tuskers terminated
News By:
timesofindia.indiatimes.com
"Because of the irremediable breach committed by the Kochi franchise, the BCCI has decided to encash the bank guarantee (in their possession) and also terminate the franchise," N Srinivasan, the newly elected BCCI president, said. He added that "the breach is not capable of being remedied". Later, chairman of the IPL governing council Rajiv Shukla said a decision on floating a tender for a new franchise would be taken soon.
However, it may not be the end of the Kochi story as the team is crying foul and has said that it will take the battle to the BCCI. One of the co-owners asked: "The deadline to pay the board is Sept 30. There is still time, so how can they simply terminate the contract?" Another member of the franchise, who said the deadline was not Sept 30 but 27, added, "If they are citing player dues as reason, it is inadequate."
The franchise has been neckdeep in controversy since the day it was bought by a consortium of seven separate entities/investors. However, the latest problem stems from the fact that one of the biggest investors (Anchor Earth, which owns 31.42%) is looking to pull out of the franchise because of internal squabbles. Anchor Earth's 31.42% stake is owned by brothers Atul and Mehul Shah. However, the Shahs don't seem to have a common view on investment in cricket, which is why their role in the Tuskers' future remains uncertain. "Who has said the franchise can't raise the money? The deadline is still a week away, why is the board jumping the gun," said one of the co-owners .
If Kochi goes to court, it will be the third franchise after Rajasthan Royals and Kings XI Punjab to do so. Royals and Kings had been sacked early this year and the two sides moved courts to make their way back into the cash-rich T20 league. However, some in the IPL say political influences in the BCCI are causing these troubles.
According to them, the crux of the current problem is that some investors/politicians want the franchise to shift from Kochi to Ahmedabad. Meanwhile, the BCCI is convinced about its decision and it is learnt that it has sought thorough legal opinion on the issue.
The Kochi franchise was bought by the consortium in 2010 for $333.33m (approx Rs 1,500 crore). Just last month, NRI Ravi Pillai, who recently acquired the Kovalam property of hotel Leelaventures, and filmmaker and cricket buff Priyadarshan from Kerala, are learnt to have acquired 15% stake in the franchise. The existing shareholding pattern of the franchise is as follows (Ravi Pillai and Priyadarshan not included): Anchor Earth 31.42%, Parinee Developers 30.27%, Film Waves Combine 13.97%, Anand Shyam Estate 9.3%, Vivek Venugopal 5%, Rendezvous 10% (5% paid, 5% free).
HAVE SOME TEAM OWNERS GOT WHAT THEY WANTED?
Soon after the decision by the BCCI to 'terminate' Kochi Tuskers Kerala from the IPL was out, team owners expectedly expressed shock and termed the decision harsh. But top sources close to the franchises told TOI that some team promoters "got what they wanted"
EYEWASH?
"Team promoters might be claiming that they will go to the court against the BCCI decision. They might as well. But even if the team owners go to court, they will demand a change in venue from the court by citing the losses they suffered in their first year of IPL at Kochi. I think on hindsight they are happy with the BCCI decision," the source said.
FUTURE IMPERFECT FOR PLAYERS
BCCI president N Srinivasan said there is no question of any change in the BCCI's stand. So what will happen to the players? "We have not thought about what to do about the players who played for Kochi IPL. But all those matters will be discussed and decided by the IPL governing council," said Srinivasan.
SREESANTH OPTIMISTIC
Cricketer S Sreesanth, who played for Kochi in their inaugural season, said: "I don't know about the reasons behind the BCCI decision. But I hope and pray the issues will be resolved soon and we get to play in Kochi next season too."
NEW BACKERS
With earlier reports suggesting that the team owners were keen to move Kochi Tuskers to Ahmedabad, the Kerala Cricket Association (KCA) had approached businessman Ravi Pillai and film director Priyardarshan to buy a stake in the franchisee and retain the base of the team in Kochi. Priyadarshan told TOI that they had signed a MoU with the Kochi franchisee and presented it to the BCCI some time back. "We had agreed to take 20% stake in the team provided the team plays in Kochi and the team owners resolve their pending issues with BCCI. We are still ready to get involved if the owners resolve their issues with BCCI," he said.
'ALL IS NOT LOST'
KCA secretary TC Mathew thinks all is not lost for Kochi IPL. "Yes , the BCCI has terminated the Kochi franchisee. But if they pay up the bank guarantee of Rs 156 crore to BCCI and tender an apology, I still think there is a way out," said Mathews. Former Kerala cricketer P Ranganathan said: "The biggest problem with Kochi Tuskers Kerala team was that the owners were not from Kerala. They were never interested in the development of Kerala cricket."
Former Kerala cricket captain Ananthapadmanabhan said the decision was a big blow for cricket in Kerala: "Young cricketers from Kerala benefited immensely from IPL. They could train along with some of the big players in international cricket and learn a lot from them. This decision will be a big blow to their aspirations."
Timeline of the drama involving Kochi, Rajasthan and Kings XI Punjab...
MARCH 21, 2010:
Kochi wins bid for IPL team
APRIL 16:
Lalit Modi tweets on IPL Kochi, questioning the ownership and role of minister Shashi Tharoor
OCTOBER 10:
BCCI terminates Rajasthan Royals and Kings XI Punjab's IPL contracts
OCTOBER 27:
BCCI gives squabbling Kochi 30 days to 'solve problems'
NOVEMBER 13:
Kings XI drags BCCI to court over scrapping order
NOVEMBER 25:
Kochi offers to withdraw from IPL
NOVEMBER 27:
Kochi offers to resolve problems, hands over new ownership pattern
DECEMBER 1:
Rajasthan Royals get interim relief for 6 weeks
DECEMBER 5:
Kochi gets green signal to field IPL team
JANUARY 8-9 , 2011:
Kochi franchise spends close to $9m on players in their first-ever auction
MARCH 26:
Kochi franchise demands a 25% waiver from franchise fee because number of matches are reduced
APRIL 9:
Kochi debuts in IPL 4
APRIL: 30:
BCCI rejects Kochi demand for waiver
JUNE 23:
Kochi requests for franchise to be shifted to Ahmedabad
SEPTEMBER 19:
Contract with Kochi Tuskers terminated
News By:
timesofindia.indiatimes.com
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