Even though the Kochi impasse seems heading towards a positive resolution, with respect to the team's survival in the Indian Premier League (IPL), Saturday's developments have added to the fears of the Board of Control for Cricket in India (BCCI).
“They submitted a new ownership pattern yesterday,” BCCI president, Shashank Manohar, said after the IPL governing council's meeting in Nagpur on Sunday.
“We had no time to examine it. All of you are aware that everyday we are in court in a legal battle and hence we would like to have the opinion of our legal experts before we take any decision.” As a result, the governing council will re-convene on December 5 to take the final call about the team's future in the IPL.
According to the new ownership pattern submitted on Saturday, the last day of the 30-day termination notice, Rendezvous Sports World agreed to reduce its stake from 26 to 10%. The investors' lobby, including Anchor Earth Group, Parinee Developers, Anand Shyam Real Estates, Filmwave Combines and Vivek Venugopal, have agreed to register a firm - Kochi IPL Cricket Pvt Ltd.
Interestingly, the investors also informed the BCCI that the letter of withdrawal submitted to Manohar on Wednesday stood cancelled. And this has unsettled the BCCI.
“Three days ago, the investors said they didn't want to be a part of the franchise. Now they say they have reached an amicable solution,” a top BCCI official, requesting anonymity, told the Hindustan Times. “What's the guarantee that the problems amongst them will not resurface before the start of the tournament?”
As a result, the BCCI is now hoping that at least some of the documents that the Kochi co-owners have submitted on Saturday are flawed.
“If all the documents are given a green signal by the legal team, then there is no way we can deny them a place in the IPL line-up,” said a governing council member.
“There is no rule that they have violated so far. If the documents are fair, then we will have to live with the fear of arguments resurfacing within the two factions,” he added.