Mumbai, Sept 21: Yet another setback for controversies ridden Kochi Tuskers Kerala, as Bombay High Court on Wednesday, Sept 21 quashed its plea challenging BCCI's decision of terminating Kochi franchise from IPL.
Eariler this week on Monday, Sept 19 BCCI ruled out KTK franchise from IPL for defaulting payment, despite series of reminders from IPL chiefs. But defiant, Kochi team, denied non-payment charges and said that they don"t owe one single paisa to the board. On the contrary, the BCCI owes them the money.
Maintaining its stance against BCCI's decision, KTK moved Bombay HC challenging its termination. However, the HC refused to entertain its plea.
The KTK franchise has to renew its bank guarantee every year, which it has not renewed. KTK was bought for Rs.1,550 crore and the consortium has to pay a bank guarantee of Rs.156 crore annually for the next 10 years.