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It’s back to square one for Kochi IPL team

The latest from the mystery IPL franchise is that one faction has started questioning the other’s right to submit a reply to the showcause notice issued by the Board of Control for Cricket in India.

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Team Kochi’s affairs have just got murkier. A day after putting up a united front, the members of the consortium are back to what they do best — fight amongst themselves.

The latest from the mystery IPL franchise is that one faction has started questioning the other’s right to submit a reply to the showcause notice issued by the Board of Control for Cricket in India (BCCI).

As reported by this paper on Wednesday, the majority stakeholders of the consortium submitted a proposal of their joint venture, as required in the showcause notice.

On Thursday, things took a different turn with sources hinting that notices likely to be sent from one faction to the other. Things have reached to such a stage that the whole issue has been taken over by lawyers of all parties, including the BCCI.

The BCCI’s lawyers are examining the reply and also the request for extension of deadline by a Rendezvous Sports World Pvt Ltd (RSPL) official.

“We’ve got the reply and one person has sought extension of the deadline. We’re studying the letters,” said a top BCCI official. A decision will be taken by governing council of the IPL. The council is likely to meet early next week.

As things stand, the members are losing hope after expressing confidence of getting recognition from the Board. “Things will complicate if we start speaking in different voices,” said one source. The showcause notice necessitates them to speak in one voice.

The latest trouble started after the majority consortium members submitted the reply to the BCCI on Wednesday. The JV proposal allocated up to 10 per cent shares to RSPL. It was not acceptable to them as they claim that the IPL team was won with their effort.

“We’ve won the bid and now they’re trying to throw us out,” says an RSPL member.

But the contention of the majority investors is that they cannot afford 25% sweat equity. Besides, they do not want to allow Rendezvous a higher stake through investment because they don’t trust their abilities any more. “The controversies faced by the consortium are RSPL’s making,” argue the investors who are refusing to give them a say in the team’s management.

The BCCI is exploring if it can legally allow a change in shareholding pattern inside the consortium and whether Team Kochi can stay united for minimum three years. The Board’s predicament is that once IPL 4 starts, it cannot take any extreme step for at least the next three years.

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