Even before the consortium of businessmen that bagged Team Kochi franchise could set about building a team, the franchisee ran into trouble with the Board of Control for Cricket in India, which returned the agreement papers, reports Times of India.
The report quoting IPL sources claimed the Kochi franchisee reportedly gave 25% of its shareholding for life to some unknown entities, free of cost when it has itself bid almost Rs 1,500 crore to obtain the franchise. The sources told TOI the consortium has been asked to present its case and sign the agreement, mentioning all its partners, in Mumbai by Monday.
However, sources in the Kochi camp denied that any such transfer of stake had taken place. They also insisted that they would submit the agreement papers to BCCI on Friday itself.
IPL sources told TOI, ‘‘BCCI has been confidentially told that a minister, a former India captain and a cricketer who's currently playing for India are also part of the consortium. Their names should also figure in the agreement document''.
‘‘This free equity business will have to be investigated and that is why the Kochi team's agreement has been returned. We hope the owners come clean on this. If there are seven partners or eight parties involved, let them come out in the open and sign the document. We have no problem,'' a top BCCI official, who didn't wish to be named, told TOI.
The CEO of the Kochi franchisee, Shailendra Gaikwad, denied any such differences with the board. ‘‘I am not aware of such an event,'' he said.
However, other sources from the Kochi camp said that these were just ‘‘delaying tactics''. ‘‘We have won the Kochi team fair and square and we are very serious about going ahead with it,'' they said.
