Tuesday, September 20, 2011

IPL franchise caught short

Dubai: It was a day of dramatic events and intrigue at the Board of Control for Cricket in India (BCCI) on Monday. The BCCI's annual general body meeting in Mumbai on Monday decided to terminate the contract of the Kerala franchise in the Indian Premier League (IPL) over non-payment of bank guarantees.

The Kochi Tuskers team which had never quite overcome a controversial start in the lucrative league is said to have defaulted on Rs1.56 billion (Dh117.96 million) in annual payments. The franchise had repeatedly ignored reminders from IPL authorities.

Incidentally the franchise had been bought for Rs15.50 billion and was supposed to make annual payments over a ten-year period.

New office-bearers of the BCCI were also elected during the meeting, with N. Srinivasan formally taking over as the new BCCI president after Sashank Manohar served out two terms.


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