Kochi collects termination notice
The Indian Premier League could shrink from 10 teams to seven teams next month after the new Kochi franchise was told to resolve ownership disputes or risk termination. The fledgling Kochi franchise have a month to resolve the shareholding dispute.
The Kochi franchise was bought by the little-known Rendezvous Sports World Limited for 333 million USD at an auction in March to add two new teams to the existing field of eight. The dispute arose after the various stakeholders in the franchise failed to agree on a 25 percent free equity share for Rendezvous Sports. If the dispute is not settled, Kochi could join Kings XI Punjab and Rajasthan Royals on the sidelines.
The BCCI is looking to make a fresh start after IPL founder Lalit Modi was sacked last month following allegations of corruption, indiscipline and money-laundering, all of which he denies. A fresh players' auction will take place at an unspecified date for the IPL's season four next year since the original contracts were only for a three-year period.
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