Rendezvous’ Gaekwads welcome the 30-day breather; others unhappy with Gavaskar’s name being dragged into controversy
Not everyone was all that enthused by the decision of the Board of Control for Cricket in India (BCCI) to give a 30-day ‘breather’ to Team Kochi.
At least the majority members think that a resolution is unlikely unless Rendezvous Sports World Pvt Ltd (RSWPL) makes a climbdown from stated position of 25% equity.
Sources close to the investors told this paper that the reports of a ‘compromise’ among the consortium partners are untrue. They also made it clear that they are not willing to do any business with the RSWPL.
“They’ve been creating controversy after controversy, the latest one being taking the name of Sunil Gavaskar. It has further strengthened our belief that these people are not capable enough to handle the team. There was no need drag a man of Gavaskar’s stature into this.”
On the other side, RSWPL was happy with the decision. “We wanted 10 days time and the BCCI gave us 30 days. We’re confident of resolving the matter,” said Satyajit Gaekwad.
Gaekwad, however, made it clear that Rendezvous will not back down from its claim of 25% equity.
But it has been learnt that RSWPL sent a letter to BCCI president Shashank Manohar claiming that certain investors are willing to comply with their 12.5% paid equity apart from a similar percentage of sweat equity. But investors have pooh-poohed the claim.
“If it was the case, we would fall in line immediately. If Parinee or Anand Shyam have actually agreed to their proposal, there would not be a dispute,” said the sources.
As per the memorandum of understanding (MoU), submitted to the board on October 10, RSWPL has 10% stake of which 5% is paid. They have formed a company called Kochi Cricket Pvt Ltd a few months ago in Maharashtra. Only RSWPL has to take its share from the company.
An IPL governing council member agreed that the letter had come from RSWPL with claims but there was no corroboration from the investors side. In fact, most investors of the company have actually met the top Board officials expressing their unwillingness to work with RSWPL.
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