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September 19, 2011
The Tuskers Kochi Kerala IPL series was terminated by the BCCI for violating its terms of the agreement, the new Chairman N Srinivasan said after the annual general meeting in Mumbai.
"Because of the irreparable violation Kochi franchise, the BCCI has decided to enforce the bank guarantee [in 2010] in its possession and to end the franchise," said Srinivasan. When asked if there was any possibility of returning to Kochi, Srinivasan said, "No, we completed the franchise because the violation is not able to correct."
The trigger for the decision was the inability of the franchise to provide a bank guarantee new for 2011. Under the terms of the franchise agreement, each franchise is required to submit a bank guarantee to cover annual costs payable to the BCCI. "We have waited six months for the bank guarantee charges to come," said a senior BCCI ESPNcricinfo. "Repeat what they want, they go, they will. It made no sense."
According to official figures, Shashank Manohar, who left as president of the BCCI AGM, said the owners of Cochin, that if they needed an extension, which will send a letter signed by all owners in which to fulfill its obligations under the franchise agreement, or BCCI could buy a bank guarantee. Franchise Manohar had assured that it will send a letter the same evening.
"The last president [Manohar] says that if you want an extension of two to three days or more, you give us a letter signed by all owners saying that we undertake to pay the amount secured by such and such day," said official. "And if we are not able to do that we have no objection to the bank guarantee to be received by the BCCI."
The official said Kochi owners sent a "simple letter" does not include all the details Manohar had requested, and if the Council decided to terminate the franchise. "[These] things are not working. It is even unfair to the other franchises. "
According to the official, the BCCI was not worried Kochi go to court because he was the franchise that had missed. As for the players, they tend to return to the auction. "And if the cost of the players are not paid, we would ensure that money is paid by the bank guarantee that we buy."
The BCCI has also named Rajiv Shukla as the new chairman of the IPL, going Chirayu Amin, and stated that the Board of Directors of the league to make a decision on whether to have another auction for a new franchise. With the cessation of Kochi, the competition of ten teams was reduced to nine.
The consortium that owns Kochi is reported to have violated an annual payment of Rs 156 crores as a bank guarantee. In April 2010, the BCCI working committee has rejected the claims of warriors Kochi and Pune to a reduction in franchise fees. The two new franchises that have made their debut in 2011, had requested an exemption of 25% on the basis that the BCCI had stated in the tender document, each team will play 18 league games in a season. The schedule was then reduced to 14 games per team.
Both teams have already paid the 75% deposit this year and wanted to give balance. It was argued that the reduction will be a violation of the terms of the offer from the BCCI had issued before the two new teams have been acquired. As it had based its bid on the number of games to play, a reduction should be accompanied by a reduction in franchise fee. However, the BCCI has voted to reject the application at its meeting in Mumbai in April.
In March 2010, Sahara Group has offered € 370 million in the Pune became the owners of the franchise, after a consortium of five companies named Rendezvous World Sports offered $ 333,330,000 for Cochin.
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