Nagpur : One last chance was given to the new Kochi franchise, while terminating Rajasthan and Punjab promoters of IPL – 4 teams, BCCI has served the terminal notice to Kochi but given 30 days to sort out its internal problems and respond suitably.
The Kochi group had won the bid by paying Rs. 1500 crores for a new team, but ran into certain difficulties over equity capital and control and badly needed more time to collect its wits.
BCCI governing council met in Nagpur today with President Shashank Manohar in the chair. He said Kochi group was involved in internal rivalry and had violated rules.
There are 6 investors and 13 individuals in the Kochi group, with Vipul Shah, a Mumbai realtor and the Gaekwad family at the centre. Their disputes are not over but the noose is round their necks for 30 days.