Ipl Kochi franchisee, final decision on the will be taken on Sunday

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Team Kochi IPL

Ipl Kochi franchisee, final decision on the will be taken on Sunday,” a senior Governing Council member said. The investors - Anchor Earth, Parinee Developers, Rosy Blue and Film Wave - hold 74 per cent of the equity. The remaining 26 per cent lies with the Gaikwad family - Shailendra, his brother Ravi and their parents all part of Rendezvous Sports World - as free equity for services rendered while bidding.
The Gaikwads, on their part, initially refused to part with the equity but have now agreed to forego at least 15 per cent of it after the investors-group threatened to withdraw from the IPL, threatening the very existence of the franchisee of Kochi IPL Team, which was bought for a staggering sum of Rs 1533.33 crore, a franchisee source said.The Governing Council meeting is being held in the backdrop of the legal developments involving the BCCI and defunct IPL franchisees - Kings XI Punjab and Rajasthan Royals, the IPL Governing Council.
The Cricket Board had earlier this week moved the Bombay High Court against the arbitrator’s stay to the termination of contract with IPL franchisee Rajasthan Royals by it.In the case of Kings XI and Team Kochi IPL, Justice Srikrishna recused himself from the proceedings as the BCCI expressed reservations after he disclosed that he had once represented (as a lawyer) Bombay Dyeing, whose owner Ness Wadia has a stake in Kings XI.
BCCI had, on October 10, expelled Kings XI Punjab and Rajasthan Royals for allegedly violating contractual agreements and gave a termination notice of 30 days to the franchise to sort out internal disputes regarding the shareholding pattern. Kochi IPL, Kings XI and Rajasthan have since dragged BCCI to court over their expulsion.