IPL dream ends for Kochi franchise

It’s curtains for Kochi’s IPL dream as the franchise withdrew on Thursday with problems among its stakeholders unresolved.

With just two days for the 30-day timeframe given to the group to sort out the disputes within the consortium, the franchise virtually threw in the towel by withdrawing from the league, reports Press Trust of India.

With one team short for the next edition of the world’s most popular cricket league, the IPL Governing Council is due to meet in Nagpur on November 28 to discuss the issue. The council is likely to float a tender for a replacement team, the report said.

"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," the news service quoted an unnamed BCCI source as saying.

While Anchor Earth, Parinee Developers, Rosy Blue and Film Wave hold 74 per cent of the equity, the remaining 26 per cent is held by Rendezvous Sports World as free equity for services rendered in bidding for the franchise.

The free equity got into dispute as the real investors refused to part with any such stake.

Eight teams are to participate in the fourth edition of the IPL scheduled to begin on April 8, 2011, six days after the World Cup Cricket being jointly hosted in the sub-continent.