Kochi resolves issue, signs IPL agreement

Team Kochi is on track for IPL Season Four debut, with the franchisee defying alleged pressure to vacate the slot.

Uncertainty had persisted over their bid to be proud owners of one of the two new IPL teams even after they appeared to have sorted out the contentious issues - including that of the alleged clandestine sale of 25 per cent stakes to unknown partners.
Team Kochi’ s co-owner Vivek Venugopal resolved the issue after a meeting with BCCI officials and lawyers on Friday where he submitted a new franchisee agreement. However, according to sources, it took a friendly intervention from New Delhi for the Kochi consortium to get the "all clear" from the BCCI. IPL commissioner Lalit Modi will be signing the agreement with Team Kochi on Saturday.

According to sources close to the franchisee, two changes were made in the fresh contract before Team Kochi was given the acknowledgement. But they denied that the delay was because of alleged secret sale of stakes. "The delay happened because of the unfair tactics of the Indian cricket board. Now, we have agreed to all the terms and conditions," an insider from the franchisee told TOI on Friday.

Sources also said that BCCI’s bigwigs were involved in resolving the matter. The uncertainty over the status of Team Kochi’s bid was compounded by the speculation that they were being "persuaded" to withdraw from the ring in favour of a big industrial house keen to become an IPL owner. It is also not fully clear how BCCI came to the conclusion about the alleged secret sale of stakes to a consortium including a former Indian skipper and a current Indian cricketer.

"The owner of the Rendezvous Sports World holds 25 per cent of the shares and we have mentioned the names of the owners who are behind it... there was no problems on that front. The BCCI itself has cross-checked every document. At the end of it, you have to produce your passport, pan card and other details when you are claiming to be the co-owner of an IPL team," the source said, suggesting that the allegation of under-the-table deal was just a smokescreen.

The Kochi franchisee also claimed that the issue was resolved on Thursday night itself. "We spoke to the BCCI bosses and cleared the misunderstanding. Now, our focus will be on building a new team for next year’s event," the source said.