Mumbai, Nov 27 : Barely seven months after becoming the second most costliest team in the Indian Premier League, Kochi franchisee's chapter is all set to end as the IPL Governing Council meets in Nagpur to take a call on the outfit's fate.
The investor group of the franchisee, which was bought for a staggering sum of Rs 1533.33 crore, had written to the BCCI informing them of their intention to withdraw from the IPL, two days before the expiry of the 30-day notice period (which ends today), issued to them by the Cricket Board to sort out their internal differences.
The IPL's Governing Council will meet in Nagpur tomorrow to discuss the issue and is likely to float a new tender for a replacement team.
“The IPL Kochi team has sent a letter to BCCI President Shashank Manohar withdrawing from the league. The IPL Governing Council will now deliberate on the issue and take a decision on the matter,” a top BCCI source had earlier told PTI.
The BCCI, which had, on October 10, expelled Kings XI Punjab and Rajasthan Royals from the IPL for allegedly violating contractual agreements, had given the IPL team 30 days to sort out its problems but the wrangling within the consortium continued.The investors in the consortium—Anchor Earth, Parinee Developers, Rosy Blue and Film Wave—hold 74 per cent of the equity. PTI
