The BCCI has slapped the IPL's Kochi franchise with a termination notice, but included a 30-day deadline for the consortium to respond to the Indian board, explaining why it should not be dropped. The decision came courtesy an unanimous vote from the IPL's governing council at a meeting in Nagpur on Wednesday morning.
The move comes amid a long-running conflict both between the Kochi franchise and the IPL as well as within the consortium itself, over its ownership pattern. Former IPL chairman, Lalit Modi had first revealed details of the ownership pattern in April, sparking a series of developments that eventually led to his dismissal from the league.
Speaking to reporters after the meeting, BCCI President Shashank Manohar said, "The Governing Council received replies from two parties, the Rendezvous group and the other co-owners, and they both felt that the dispute still exists."
"The Governing Council has invoked clause 12 (1) and given them a 30 days notice that in case they don't remedy these disputes in the 30 days, the franchise would stand cancelled on the 31st day," he said.
The emergency meeting was convened by Manohar in the wake of a dispute over who will run the affairs of the franchise, bought from the Cricket Board for 333 million dollars, once the joint venture was formed.
The investors in the Kochi consortium include corporate firms Anchor Earth, Parinee Developers, Rosy Blue and Film Wave - who hold 75 per cent of the equity.
This not an intermediary breach that has been committed like in the case of Rajasthan Royals and Kings XI Punjab so that is why they have been given 30 days time to remedy this," he explained.
The IPL has already scrapped the agreements of Punjab and Rajasthan franchises, which leaves the league with 7 teams currently.
The news of the termination notice jeopardises the IPL auction which is scheduled for sometime in November.