Dubai magnate’s Kochi team spared IPL chop

Desperate efforts on to keep UAE-backed Kochi team in IPL. (SUPPLIED)

Published Sunday, October 10, 2010

By Joseph George

Indian Premier League governing council terminated the franchise agreements with the Rajasthan Royals and Kings XI Punjab, but even though the Kochi franchise was spared… for now.

The Kochi franchise has been issued a notice and asked to settle internal differences.

The decision was taken at an emergency meeting of the IPL governing council in Mumbai.

Earlier this morning, UAE-based chairman of the Kochi team of the Indian Premier League, cricket’s richest tournament, speaking to Emirates 24|7 from Mumbai, Harshad Mehta said, “We are trying our best to salvage the situation. We should be able to do so.”

Mehta is the owner of Rosy Blue the Dubai-based diamond company.

Besides Kochi, the Rajasthan Royals and the Kings XI Punjab were under scrutiny for irregularities in their ownership patterns and handling of funds.

The BCCI had issued showcause notices to the Royals and to Punjab, the deadline for which expired on Friday.

Rendezvous Sports World, owners of the new IPL franchise from Kochi have also been asked to disclose their ownership structure or risk losing the franchise.

According to Mehta the Kochi franchise, is yet to receive the notice. “The issue in question is the ownership pattern. We will have to renegotiate the percentage and partnership,” added Mehta.

The owners, Mukesh Patel, Harshad Mehta, Saket Mehta, Vivek Venugopal, Atul Shah and Nerul Shah; own 74 per cent of the team, but the details of the remaining 26 per cent of the ownership are unknown.

A stake was owned by Sunanda Pushkar, wife of former Union minister of state for external affairs Shashi Tharoor, but she returned her share during the summer following a huge furore that she was given equity because of her relationship with Tharoor.

Tharoor was a key backer of the Kochi franchise.

“Sunanda has no more any involvement with the Kochi franchisee,” added Mehta.

Kings XI Punjab had been bought for $76 million in 2008 by a consortium comprising businessmen Ness Wadia, Mohit Burman, Karan Paul, Aditya Khanna and Bollywood actress Preity Zinta.

Rajasthan Royals was bought for $67 million by businessmen Manoj Badale and Lachlan Murdoch, who were later joined by Raj Kundra and Bollywood actress Shilpa Shetty.

Both teams took part in the first three editions of IPL, before their ownership deals were questioned by BCCI officials who were probing financial irregularities by former IPL chief Lalit Modi.

The six other original franchises are Kolkata Knight Riders, Chennai Super Kings, Bangalore Royal Challengers, Deccan Chargers, Delhi Daredevils and Mumbai Indians.

Rajasthan Royals, captained by former Australian spin wizard Shane Warne, won the inaugural tournament in 2008.

The Punjab team included Sri Lankan stars Kumar Sangakkara and Mahela Jayawardene, Australian pace bowler Brett Lee and India’s Yuvraj Singh.

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The page was last updated on: 10 January 2016 03:22