BCCI To Pay Kochi Tuskers Kerala Rs 550 Crore Over IPL Termination

Published on: 08 Jul, 2015
Published under: Kerala Sports News

A report in The Indian Express says that the BCCI has been asked to pay Kochi Tuskers Kerala Rs 550 crore after an arbitration ruled in the favour of the IPL franchise.However, the franchise owners don’t want the money – they want to be reinstated in the IPL starting next season.

In 2011, the BCCI had terminated the contract of Kochi Tuskers Kerala for non-payment of their bank guarantee, thus abruptly ending the controversial team’s association with the cash-rich league after just one year. The franchise challenged the board’s decision and the case went to arbitration.

Former Chief Justice of India, RC Lahoti, ended up ruling in Kochi’s favour and ordered the BCCI to pay Rs 550 crore to the franchise. If the board fails to pay, then they will be charged an 18 percent penalty annually.

True to form, the BCCI is not about throw in the towel though. “The BCCI is going for legal opinion on this and we will see if we can challenge it in the High Court,” an anonymous official told”The Indian Express”. “The decision has come as a setback to us but we are looking at all possibilities. They want their IPL team to be restored from next season. We will have to explore all legal options before saying anything more on this.

The consortium, which was involved in a bitter ownership dispute since its very inception, defaulted on a Rs 156 crore annual payment it was to make as bank guarantee despite reported reminders from the IPL authorities.

Then BCCI president N Srinivasan had bluntly rejected suggestions of the return of the franchise after their termination. “No, we have terminated the franchise because the breach is not capable of being remedied,” he said at the time

Src – : http://www.firstpost.com/sports/bcci-ordered-to-pay-kochi-tuskers-rs-550-crore-over-ipl-termination-2332470.html

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