Mumbai, Dec 5 (ANI): The Board of Control for Cricket in India (BCCI) on Sunday allowed the Kochi franchisee to participate in the fourth edition of the Indian Premier League (IPL).
The IPL Governing council, which had given a third deadline to Kochi last week, approved their ownership structure and took it in its fold.
"The IPL Governing Council confirmed that the Kochi Franchisee had satisfactorily responded to the notice issued to them by the BCCI, and decided that the Franchisee Kochi Cricket Pvt. Ltd., would play in the IPL from 2011 onwards," BCCI Secretary and President-Elect N Srinivasan said in a release.
Barely seven months after becoming the second most costliest team in the IPL, Kochi was on the verge of being thrown out of the event due to the shareholding dispute between the consortium's investors.
The investors - Anchor Earth, Parinee Developers, Rosy Blue and Film Wave-hold 74 per cent of the equity. The remaining 26 per cent lies with the Gaikwad family - Shailendra, his brother Ravi and their parents all part of Rendezvous Sports World, as free equity for services rendered while bidding.
On Friday, the Bombay High Court had extended the deadline for the IPL franchisees to sign up their respective "marquee" players till December 8.
The BCCI, which had, on October 10, expelled Kings XI Punjab and Rajasthan Royals from the IPL for allegedly violating contractual agreements, had given the Kochi IPL team 30 days to sort out its problems.
The BCCI made it clear that eight teams will take part in the fourth edition of the league scheduled from April 8, just six days after the World Cup. (ANI)
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