Kochi Tuskers contract terminated by BCCI

Mumbai, Sept 19 (Todaynews24): The BCCI terminated Kochi Tuskers’ contract after the franchise, despite repeated reminders, defaulted on an Rs 156 crore annual payment it was to make as bank guarantee.

The decision to terminate Kochi franchise was taken at the BCCI’s Annual General Meeting here on Monday, in which the new office bearers of the Board were also elected.

BCCI president N Srinivasan, who took charge on Monday, said: ”As the franchisee has defaulted in payment, we have decided to terminate the team.”

The franchise, which was bought for Rs 1,550 crore, is supposed to make the yearly payment for the next 10 years. The team made its debut only last year and was among the laggards in the league.

Asked if the BCCI would reconsider its decision and give the franchise a chance to return, Srinivasan bluntly rejected such a suggestion. Srinivasan said any decision to conduct fresh auction for a new franchise would be taken by the Rajiv Shukla-led IPL Governing Council. Shukla was named as the new IPL chairman today, succeeding Chirayu Amin.

In April 2010, the BCCI’s working committee had rejected demands from Kochi and the Pune Warriors for a reduction in their franchise fees. The two new franchises, which made their debuts in 2011, had sought a 25% waiver on the grounds that the BCCI had stated in the bidding document that each team would play 18 league matches in a season. The schedule was later reduced to 14 matches per team.

The two teams already paid 75% of this year’s installment and wanted the balance waived. They argued the reduction in matches was a breach of the terms of the Invitation to tender the board had issued before the two new teams were bought. Since they had based their bid on the number of matches to be played, a reduction in matches should therefore be accompanied by a reduction in the franchise fee. However, the BCCI voted to turn down the request at its meeting in Mumbai in April.

Kochi had faced the prospect of being axed even last year when the BCCI questioned its shareholding but the matter was settled after agreement between the various owners.

Latest report says Kochi Tuskers have threatened legal action after the Indian Premier League (IPL) franchise’s contract got terminated, against the Board of Control for Cricket in India (BCCI).