Unable to resolve their differences, the Kochi franchise have withdrawn from the Indian Premier League barely two days before the expiry of the BCCI deadline, paving the way for the Cricket Board to issue a new tender for a replacement team.
The IPL's Governing Council will meet in Nagpur on November 28 to discuss the issue and is likely float a new tender.
"The IPL Kochi team has sent a letter to BCCI President Shashank Manohar withdrawing from the league. The IPL Governing Council will now deliberate on the issue and take a decision on the matter," a top BCCI source told PTI.
The BCCI had given IPL Kochi termination of 30 days to sort out its problems but the wrangling within the consortium continued nonetheless.
The investors in the consortium -- Anchor Earth, Parinee Developers, Rosy Blue and Film Wave -- hold 74 per cent of the equity.
The remaining 26 per cent lies with the Gaikwad family --Shailendra, his brother Ravi and their parents all part of Rendezvous Sports World -- as free equity for services rendered in bidding for the franchise.
It is this 26 per cent which has become a bone of contention among the stakeholders as the investors are in no mood to give free equity to Gaikwad family.
The Gaikwads, on their part, have refused to part with the equity.
The BCCI had made it clear that eight teams will take part in the fourth edition of the league scheduled from April 8, just six days after the World Cup.