Kochi IPL team's fate to be decided on Dec 5

Kochi IPL will most likely play the next edition of Indian Premier League even as the Board of Control for Cricket in India (BCCI) has postponed its decision until December 5.

According to reports, the BCCI has decided to examine the franchisee owners’ response in detail before taking a decision.

The owners of the Kochi franchise who bid for the team for Rs 1533.33 crore came up with a compromise solution just days after reports emerged that they had written to the BCCI informing them of their intention to withdraw from the IPL.

Harshad Mehta, owner of the Dubai-based Rosyblue and one of the owners of the franchisee told Emirates 24|7 on Sunday morning that the team was 99 per cent through and the final decision would be announced soon.

The IPL's Governing Council, which met in Nagpur to discuss the issue decided to postpone the final decision to December 5.

Earlier, following serious differences among the team owners the BCCI had given the consortium a 30-day deadline.

According to the initial set up, the investors in the consortium - Anchor Earth, Parinee Developers, Rosy Blue and Film Wave - hold 74 per cent of the equity.

The remaining 26 per cent - free equity – was owned by the Gaekwad family through the Rendezvous Sports World.

While the dispute was over the free equity, the new shareholding pattern is expected to emerge soon.

According to sources the owners have finally reached an amicable settlement for the sweat equity issue.

The BCCI had on October 10, expelled Kings XI Punjab and Rajasthan Royals from the IPL for allegedly violating contractual agreements.