With no middle ground, Kochi team future unclear
- CBI arrests Peter Mukerjea, says he was aware of Sheena Bora murder
- Pay panel suggests 23.55% hike, minimum pay of Rs 18,000 per month
- Paris attacks 'mastermind' Abdelhamid Abaaoud died in Saint-Denis raid
- HS Phoolka releases video of Rajiv Gandhi's speech justifying 1984 riots
- Rahul accuses PM, dares govt to take action on citizenship row
There seems to be no middle ground in sight for investors of the Kochi Indian Premier League team. Both parties — Rendezvous Sports World Private Limited (RSWPL) on one hand and the five other investors on the other haven't been able to sort out their differences as on Sunday. The BCCI deadline expires on Thursday.
The five investors that include Anchor Earth Private Limited, Parinee Developers and Properties Private Limited, Filmware Combines Private Limited, Anand Shyam Estates Private Limited and Vivek Venugopal, it is learnt have lost faith in RSWPL.
"We wonder why they have appointed someone like Satyajitsinh Gaekwad as the chief executive officer. He has no knowledge about cricket and is a politician. They have failed to provide professional management," sources close to the investors told The Indian Express.
"The most unfortunate thing is that both the Unincorporated Joint Venture, which holds the rights to the team and the shareholder, RSWPL share the similar names — Rendezvous Sports World. All the controversies have happened within the shareholder of RSWPL. However, because of the common names, the Kochi IPL team is also getting the bad name. It started with the controversy of Sunanda Pushkar's sweat equity. Also those backing RSWPL have dubious reputations. These have come to light in various reports after the franchisee rights were awarded," said a source close to the investors. This group of five investors wanted RSWPL to reduce their sweat equity from 25 per cent to a nominal amount. Now, RSWPL has agreed to invest instead of giving up the sweat equity. However, this group of five investors is worried about the source of income of RSWPL.
"They have only communicated this offer verbally. There is no clarity on when they will invest. We do not want to get into trouble later as we are not confident of the credentials of those behind RSWPL. We have not been able to come to a consensus and if things remain like this I am afraid we will lose the franchisee rights," the investor added.
- What Mr Mani Shankar Aiyar won’t say
- Results of local elections indicate that the BSP is regaining ground in UP
- The idea of Bihar: Social justice cohesion should be consolidated further
- Why the British commemorate Tipu Sultan
- Why my newspaper responded to Assam Rifles notice
- India is indebted to Shanti Bhushan for undoing Indira Gandhi’s 42nd Amendment