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Modi denies Kochi scrapping rumours
The IPL Commission Lalit Modi has denied rumours of the Kochi franchisee being scrapped.
"No such thing was possible," Modi wrote in his twitter account.
He said the delay was because the franchisee agreement was not in line with the consortium agreement.
A consortium of various business groups, under the umbrella of Rendezvous, had bid Rs 1300 crore for the Kochi based franchisee at an auction last month.
However, the status of one of the partner in the consortium, who owns a 25% stake, remains ‘unknown'. The BCCI had reportedly asked the franchisee to reveal identity of all its shareholders.
A co-owner of the Kochi franchisee told a television new channel that all documents will be given today to the authorities in Mumbai.
Meanwhile, a co-owner of the Mohali franchisee said the owners were not happy with the returns in the IPL and were willing to sell it off.
"We are planning or ready to sell the team but we do not have enough takers now," Mohit Burman told a television news channel.
It was bought for USD 76 million at the original auction.
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