Mumbai, Sept 19: Cracking the whip, the BCCI today terminated the contract of IPL franchise Kochi Tuskers Kerala for non-payment of bank guarantee, thus abruptly ending the controversial Kerala team's association with the cash-rich league after just one year.
The decision to terminate Kochi franchise was taken at the BCCI's Annual General Meeting here today, in which the new office bearers of the Board were also elected.
“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,” new BCCI President N Srinivasan told reporters after the AGM.
Asked if the BCCI would reconsider its decision and give the franchise a chance to return, Srinivasan bluntly rejected such a suggestion.
“No, we have terminated the franchise because the breach is not capable of being remedied,” he clarified.
The consortium, which was mired in a bitter ownership dispute since its very inception, defaulted on a Rs 156 crore annual payment it was to make as bank guarantee despite reported reminders from the IPL authorities.
The franchise, which was bought for Rs 1,550 crore, was supposed to make the yearly payment for the next 10 years.
Kochi's termination means the 10-team tournament would be reduced to nine.
Srinivasan said any decision to conduct fresh auction for a new franchise would be taken by the Rajiv Shukla-led IPL Governing Council. Shukla was named as the new IPL chairman today, succeeding Chirayu Amin. PTI
