In a major setback, the Board of Control for Cricket in India (BCCI) has lost an arbitration case against former Indian Premier League (IPL) franchise Kochi Tuskers Kerala (KTK).
According to a report in The Indian Express, the cricket board has been asked to pay Rs 550 crore (Rs 5.5 billion) to the franchise, which was terminated in 2011 for alleged breach of terms of agreement. The board will have to pay 18 per cent interest as penalty annually should they fail to pay up.
The franchise has, however, evinced interest in participating in the tournament rather than taking the money, the report added. The BCCI, though, is not too keen on KTK’s proposition as IPL is doing fine with an eight team format.
The BCCI is seeking a legal opinion on whether the arbitration award can be challenged in the High Court. “The BCCI is going for legal opinion on this and we will see if we can challenge it in the High Court.
The decision has come as a setback to us but we are looking at all possibilities,” a BCCI official told the daily. “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 official added.
KTK was owned by a consortium that included Rendezvous Sports World (26 per cent), Parinee Developers (26 per cent), Anchor Earth (27 per cent), Film Waves (12 per cent), Anand Shyam (8 per cent) and Vivek Venugopal (1 per cent)
Read more at:
http://www.televisionpost.com/news/bcci-asked-to-pay-rs-550-crore-as-ipl-kochi-franchise-wins-arbitration/
According to a report in The Indian Express, the cricket board has been asked to pay Rs 550 crore (Rs 5.5 billion) to the franchise, which was terminated in 2011 for alleged breach of terms of agreement. The board will have to pay 18 per cent interest as penalty annually should they fail to pay up.
The franchise has, however, evinced interest in participating in the tournament rather than taking the money, the report added. The BCCI, though, is not too keen on KTK’s proposition as IPL is doing fine with an eight team format.
The BCCI is seeking a legal opinion on whether the arbitration award can be challenged in the High Court. “The BCCI is going for legal opinion on this and we will see if we can challenge it in the High Court.
The decision has come as a setback to us but we are looking at all possibilities,” a BCCI official told the daily. “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 official added.
KTK was owned by a consortium that included Rendezvous Sports World (26 per cent), Parinee Developers (26 per cent), Anchor Earth (27 per cent), Film Waves (12 per cent), Anand Shyam (8 per cent) and Vivek Venugopal (1 per cent)
Read more at:
http://www.televisionpost.com/news/bcci-asked-to-pay-rs-550-crore-as-ipl-kochi-franchise-wins-arbitration/
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