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Old 09-19-2011, 07:31 PM   #1631 (permalink)
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Old 09-19-2011, 07:33 PM   #1632 (permalink)
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BCCI kapalikanmaar...
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Old 07-15-2017, 04:17 AM   #1633 (permalink)
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BCCI offers Kochi Tuskers a 'pittance'

K Shriniwas Rao in Mumbai • Last updated on Wed, 28 Jun, 2017, 06:57 AM
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The Kochi Tuskers franchise was suspended after IPL 2011. AFP

At a time when money has been pouring in back into Indian cricket once again through various rights sold, a penny-pinching BCCI offered terminated Indian Premier League (IPL) franchise Kochi Tuskers a `pittance' of a settlement offer in Mumbai on Monday (June 26).

In a meeting held between BCCI's office-bearers and the Kochi franchise to arrive at a 'settlement' and bring a stop to a longstanding legal battle that's been on for six years now, the board's acting secretary Amitabh Choudhary told the franchise's co-owners to "give a discount for the love of the game."

Choudhary's statement, ironically, came 24 hours before BCCI would go on to rake in a tenfold hike in IPL title rights value which eventually got sold for an astounding INR 2199 crore. In doing so, the financially flush BCCI offered Tuskers a shocking INR 440 crore as 'settlement' and then raised it to INR 460 crore before the appalled co-owners of the franchise - who were called for a discussion - decided to walkaway .

The meeting between Kochi's co-owners and BCCI was a result of a month-long negotiation that had continued between the two parties to reach a settlement. The matter pertains to a four-year arbitration that was awarded to the Tuskers back in 2015 following which BCCI went to the Bombay High Court. The arbitrator - ex-CJI RC Lahoti - asked BCCI to pay Tuskers total damages (special and general) of INR 538 crore, the bank guarantee of INR 153 crore that lies with the BCCI and 18% interest on the entire amount until the date of realization.

While the Bombay High Court is once again expected to hear the matter on July 28, the cricket board had been looking at all options possible to negotiate with the Tuskers, knowing that the arbitration was thoroughly in favour of the franchise.

Visibly shaken, most of the franchise co-owners refused to comment on the issue and instead decided to stay silent like they have been the last six years. All that one co-owner shared with TOI was that they had belief "BCCI would do the right thing, if not now then later".

The BCCI wrongfully terminated Kochi Tuskers back in 2011 on grounds that the arbitration was reckoned to be weak. In doing so, they not only pocketed Kochi's bank guarantee of INR 153 crore but in addition to it, caused the team's co-owners a further loss of INR 153 crore (for having played one season) by way of franchise fee and an additional INR 150 crore by way of player costs, operations and logistics.

Sources in the know of things, however, revealed that a senior BCCI official did admit to the Tuskers during the meeting the board was wrong in terminating the team. "We're sorry for what has been done to you," the official said. Tuskers had bought the franchise in 2010-11 for a total value of INR 1533 crore.

If one has to go by the arbitration awarded to Kochi - a copy of which is with TOI - BCCI will have to pay the franchise anywhere between INR 1170 to INR 1470 crore, depending on how the interest is calculated. It is not known yet as to what exactly was the method that BCCI applied in arriving at the figure of INR 460 crore they offered to the franchise as settlement.

The franchise has also been open to the idea of the team being reinstated. However, BCCI has categorically told the co-owners that reinstatement is not a possibility because the IPL window is short and a nine-team IPL will only extend the duration of the tournament. The fact, however, remains that IPL was conducted with nine teams in 2012 and 2013, after Tuskers' contract was terminated.

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