But whether the team escapes the much-speculated axe will depend a lot on how the board views the blueprint. It was submitted on Wednesday.
Team Kochi, the controversy-ridden new entrant to the Indian Premier League (IPL), has finally thrashed out its problems and managed to meet the deadline set by the Board of Control for Cricket in India (BCCI) to submit a blueprint of the joint venture. But whether the team escapes the much-speculated axe will depend a lot on how the board views the blueprint. It was submitted on Wednesday.
No one in the consortium was willing to divulge the contents of the reply to the show cause notice issued by the BCCI on this issue. But it is reliably learnt that there will be a marginalised role for Rendezvous Sports World Pvt Ltd (RSPL), the holders of 25% equity. Contrary to reports, there may not be a new investor in the proposed joint venture.
Top board officials are believed to be going through the reply and the unincorporated joint venture draft submitted at the time of franchise agreement. The BCCI’s reaction is expected in the next 24 hours but the consortium members are believed to be convinced that their reply is in conformity with the board’s guidelines.
When contacted, BCCI officials were unwilling to pass a judgment before properly ‘studying’ the reply. “We cannot say if a reply has been submitted, and what are the contents. Till we see it, we cannot comment,” said one top BCCI official, adding, “If the reply is satisfactory, we will accept it, if not we will go for re-auction.”
The reply is believed to have been submitted to the BCCI’s lawyer, who had originally served the show cause notice on the franchise on October 10 with a 10-day deadline.
The arrangement, understandably, was not a please-all exercise. RSPL, one of the key partners of the consortium, is not too happy with the ultimate set-up. It was not known how much equity is left to them but their share of 25% might have come down. It was also not clear if their offer to invest was accepted.
None of the members of RSPL was available for comment but it was clear that they were not too pleased. Having taken the initiative, worked on the team and eventually submitted a winning bid, they were unhappy but the investors, mainly Mehul Shah of
Anchor and Mukesh Patel of Parini Developers, were unwilling to accede to their demands.
RSPL was insisting they be given control of the team but the investors were not ready to accept even their voting right. It was not clear what role Shashi Tharoor will have in the new arrangement. The meeting had taken place in the house of Harshad Mehta (of Rosy Blue Diamonds) on Tuesday night.
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