Infighting wihin Kochi IPL franchise
The BCCI might be planning to issue an ultimatum to the Indian Premier League’s Kochi franchise on the need to register itself as a company, but it has come to light that the company was registered in August 2009, reports HT Correspondent.cricket Updated: Oct 02, 2010 23:25 IST
The Board of Control for Cricket in India (BCCI) might be planning to issue an ultimatum to the Indian Premier League’s Kochi franchise on the need to register itself as a company, but it has come to light that the company was registered in August 2009.
According to documents with Hindustan Times, Rendezvous Cricket Management Private Limited (RCMPL) was incorporated under the Companies Act, 1956, as a private limited company on August 20, 2009.
However, the infighting within the five primary owners of the joint venture has boiled down to the point of no return. While Rendezvous Sports World, owned by Satyajit Gaikwad and Co, and Harshad Mehta’s Film Wave — who together hold 38 per cent equity of RCMPL are on one side, the rest of the co-owners have joined hands in order to wrest the control of the franchise.
While the lobby including Anchor Earth, Parinee Developers, Anand Shyam and Vivek Venugopal — who own 62% stake, have objected to the sweat equity offered to Shailendra Gaikwad and his family, the Unincorporated Integrated Joint Venture Agreement signed by the stake holders on March 17, 2010, a copy of which is with Hindustan Times, makes it clear that the equity “will be given for consideration other than cash in relation to services to be rendered by investor with regard to achievement of objectives and bringing the technical expertise related to cricket and sports management.”