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Breaking News :  BCCI asked to pay Rs 550 crore as IPL Kochi franchise wins arbitration
Wednesday 08-July-2015, 14:02,
BCCI asked to pay Rs 550 crore as IPL Kochi franchise wins arbitration
MUMBAI: In a major setback, the
Board of Control for Cricket in India
(BCCI) has lost an arbitration case
against former Indian Premier League
(IPL) franchise Kochi Tuskers Kerala
(KTK).
According to a report in The Indian
Express, the cricket board has been
asked to pay Rs 550 crore (Rs 5.5
billion) to the franchise, which was
terminated in 2011 for alleged breach
of terms of agreement. The board will
have to pay 18 per cent interest as
penalty annually should they fail to
pay up.
The franchise has, however, evinced
interest in participating in the
tournament rather than taking the
money, the report added. The BCCI,
though, is not too keen on KTK’s
proposition as IPL is doing fine with
an eight team format.
The BCCI is seeking a legal opinion on
whether the arbitration award can be
challenged in the High Court.
“The BCCI is going for legal opinion
on this and we will see if we can
challenge it in the High Court. The
decision has come as a setback to us
but we are looking at all
possibilities,” a BCCI official told the
daily.
“They want their IPL team to be
restored from next season. We will
have to explore all legal options
before saying anything more on this,”
the official added.
KTK was owned by a consortium that
included Rendezvous Sports World (26
per cent), Parinee Developers (26 per
cent), Anchor Earth (27 per cent),
Film Waves (12 per cent), Anand Shyam
(8 per cent) and Vivek Venugopal (1
per cent).
Rendezvous Sports World had surprised
everyone in 2010 IPL auction for two
teams by bagging the franchise rights
for Kochi for a startling $333 million.
Sahara India was awarded the Pune
franchise for $370 million. Sahara’s
IPL journey was also shortlived as the
BCCI terminated the franchise in
2013.
The BCCI had encashed KTK’s bank
guarantee after terminating the
franchise, compelling the latter to
take legal recourse. The matter went
into arbitration with former Chief
Justice of India R C Lahoti being the
arbitrator.
Ever since it arrived on the scene,
KTK was besotted with controversies,
the biggest one being the issue of
sweat equity owned by Sunanda
Pushkar, the wife of then Minister of
State for External Affairs Shashi
Tharoor. The revelation led to
Tharoor’s resignation and
subsequently Lalit Modi’s ouster from
the IPL as chairman.
http://www.televisionpost.com/news/bcci-...bitration/
ANIL G
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