A team from Kochi will be part of the fourth edition of the Indian Premier League (IPL), starting in April.
The Kochi franchise, led by Rendezvous Sports World (RSW), satisfactorily responded to the notice issued by the Board of Control for Cricket in India and would be allowed to play, said N Srinivasan, BCCI president-elect, in a statement after the governing council meeting in Mumbai on Sunday.
This ends the drama on ever since the consortium won the Kochi franchise in March with a bid of $333.33 million (about Rs 1,500 crore). RSW were involved in a tussle with other investors in the consortium over the 25% sweat equity it held and about controlling cricket operations.
BCCI vice-president Rajiv Shukla said the Board's legal team was satisfied with the ownership structure of the Kochi franchise.
Satyajit Gaikwad, CEO of RSW said the franchise will now get down to building the side.
Shashi Tharoor, who had to resign as Union Minister of State for External Affairs following the controversy generated by his row with the suspended IPL Chairman Lalit Modi, said the 'sacrifices' he made for the Kochi IPL team were worth it.
Tharoor reiterated that he had no connection with the business part of team formation. "But they used to seek my advice on certain matters," he said.
The end of the uncertainly over Kochi's future means the IPL-IV will feature at least eight teams. After adding two new teams for IPL-IV, the BCCI had axed Rajasthan Royals and Kings XI Punjab for allegedly violating the franchise agreement. However, the matter is pending before the Bombay High Court after both the expelled teams appealed against the decision.