It would be interesting to wait for the reaction of the original investors in the company — there are five of them — but there seems to be little trust among the partners.
There seems to be no meeting point for the beleaguered members of the Kochi Indian Premier League team.
Even as the Board of Control for Cricket in India-set deadline for the new franchise members to set their house in order approaches, last ditch attempts are being made to retrieve what seemed to be a lost situation till late Friday evening.
However, late on Friday night, the Rendezvous Sports Pvt Ltd (RSPL), the holders of the controversial sweat equity, have made surprise offers to the remaining investors in the franchise.
According to its top official, Rendezvous is willing to surrender its entire sweat equity and buy it instead.
“We have no other option. To save the team, we will have to do this,” said Satyajitsinh Gaekwad, the CEO of RSPL. A formal
response from the other franchise members could not be immediately elicited but Gaekwad said they will do everything to save the team.
It would be interesting to wait for the reaction of the original investors in the company — there are five of them — but there seems to be little trust among the partners.
The investors — Anchor Earth Pvt Ltd, Parinee Developers, Filmwave, Anand Shyam and Vivek Venugopal — have been insisting that the RSPL should surrender 15% of their equity.
There was believed to be a consensus some days ago that RSPL would surrender 15 per cent equity to the other investors but Gaekwad said there was never such agreement.
He also went on to add that the BCCI showcause insists that the shareholding pattern should be as per the UJV (Unincorporated Joint Venture) produced during the signing of the franchise agreement.
But one of the investors contends that the current problems of the Kochi team are due to RSPL’s mishandling of things. One investor said that the Sunanda Pushkar episode could have been avoided. He also contends that elevation of certain investors from Dubai was not acceptable to them. He further points out that the other partners of the consortium don’t have the confidence in the personnel handling the RSPL.
It is to be seen how things pan out for the Kochi IPL team in the next four days but the investors don’t want to drag Shashi Tharoor, the team’s mentor, into their discussions. Any way, the former union minister is expected to fly to the United States to deliver a speech in the United Nations.
RSPL owns 25% of sweat equity in the structure. Besides, it has purchased one per cent equity. The Kochi IPL team was bought for Rs1500 crore in April this year.
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