The deadline set by the Board of Control for Cricket in India (BCCI) has expired but the Indian Premier League's (IPL) Kochi 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 $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% of the equity.
The remaining 25% 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.
The legal team of the cricket board had been entrusted with the task of studying the letter which has been forwarded to Manohar.
"Today was the last day given to the the Kochi franchise for responding to the notice given to them. They held a few meetings in the last two-three days and submitted a letter which has been sent to the president (Shashank Manohar)," BCCI's chief administrative officer, professor Ratnakar Shetty, had told reporters on October 20.
Without revealing the contents of the letter submitted by the franchise, whose partners have been squabbling over the nitty gritties of forming a joint venture company as per the norms and regulations stipulated by IPL, Shetty said the board would take a call on the letter's contents after its legal department studied it.
"The president will study it, our legal team will study it before taking a decision," he said, adding that the Board, at present, has not thought about calling a meeting of the IPL governing council.
On having brought in Gavaskar into the franchise in an advisory capacity, Gaekwad said that it was done only after the cricket legend quit as a member of the IPL's governing council.
"We approached him after he was no longer a member of the IPL council to Sunil Gavaskar to act in an advisory capacity with the franchise and he has accepted the offer," Gaekwad said today.
"He does not have any stakes in the franchise," the franchise CEO informed.
