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Kochi Hoping More Time From BCCI To Solve Internal Differences

Mumbai, Oct 26 : The deadline set by the BCCI has expired but the Kochi IPL consortium still wants some more time from the Cricket Board to resolve its internal differences. The franchise, which has roped
PTI October 26, 2010 12:11 IST
PTI
Mumbai, Oct 26 : The deadline set by the BCCI has expired but the Kochi IPL consortium still wants some more time from the Cricket Board to resolve its internal differences.
 
The franchise, which has roped in former India captain Sunil Gavaskar in an advisory capacity, said it is hopeful of getting the time from the BCCI.
 
"We consortium partners are very close to resolving our internal differences and would like the BCCI to give us some more time and have also sought this," franchise CEO Satyajit Gaekwad told PTI today.
 
"We have not defaulted on any payment to the BCCI and just want some more time," he said.
 
BCCI president Shashank Manohar has convened an emergency meeting of the IPL Governing Council tomorrow at Nagpur to decide on the Kochi franchise issue.
 
The crux of the dispute is who will run the affairs of the franchise, bought from the Cricket Board for USD 333 million, once the joint venture was formed.
 
 The investors include corporate firms Anchor Earth, Parinee Developers, Rosy Blue and Film Wave - who hold 75 per cent of the equity.
 
The remaining 25 per cent has been given to the family of Gaekwads - Shailendra, his brother Ravi and their parents plus a few others, all part of the group of promoters - Rendezvous Sports World - as free equity for services rendered in successfully bidding for the franchise.
 
The Board had given the franchise 10 days' time on October 10 to resolve their internal differences and the franchise responded by submitting a letter to the BCCI on the last day of the deadline - October 20.PTI