Kochi pulls out of IPL

Kochi's Indian Premier League dream is all but over as the backbiting franchise owners Thursday wrote to the Board of Control for Cricket in India (BCCI) that they have failed to resolve their ownership patterns and were, therefore, withdrawing from the league.The development came just two days before the the board's deadline to sort out the differences among the owners expires. Kerala Cricket Association (KCA) secretary T.C. Matthew told IANS that the owners have informed the BCCI about their decision in a letter.

'We all wished and hoped that the group members would sort out whatever difference of opinion they had. But it appears that things have all turned sour and the bad news has come out that there will be no team from Kerala,' said Mathew.'I have been informed by some of the partners of the Kochi franchise that they have informed the BCCI about their decision to withdraw from the fourth season of the league. It is a very unfortunate incident for Kerala cricket,' he said.

Rendezvous Sports World in March won the franchisee rights for the Kochi IPL team for a bid price of Rs.1,500 crore. Despite getting a 30-day notice to settle their ownership pattern, the owners unsuccessful to sort out their inside problems. Anchor Earth, Parinee Developers, Rosy Blue and Film Wave hold 74 percent of the equity while the Gaekwad brothers, who own Rendezvous Sports World, own the remaining 26 percent stake as free equity for services rendered in successfully bidding for the franchise.


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