|Posted by anccricket on September 19, 2011 at 9:35 AM|
Kochi Tuskers Kerala are in the news yet again. And not surprisingly, it’s for the wrong reasons. According to BCCI sources , the new franchise of the Indian Premier League has been suspended for defaulting on payments.
Informed sources say the Kochi consortium has not responded to repeated reminders from IPL authorities about the payments.
According to sources, the team has not renewed its bank guarantee which it has to renew every year. The team was bought for Rs 1,550 crore and the consortium has to pay a bank guarantee of Rs.156 crore every year for the next 10 years. The board is also hearing their plea to shift base from Kochi to Ahmedabad. None of the board officials was willing to discuss this, but a Team Kochi official categorically refuted the claim that they have defaulted on payment.
“We don’t owe one single paisa to the board,” a top team official said, clarifying that their payments have been regular. “On the contrary, the BCCI owes us the money. We are yet to receive the last installment of the television revenue that is due to us,” the official remarked. According to him, the team has received two installments of its share from the central revenue of the IPL, but the last installment, of Rs15 crore, has not yet been paid to them.
The official further said that the bank guarantee of Rs156 crore paid to the BCCI is valid up to September 27. “We have received a letter and we have replied to the board that it (the bank guarantee) will be sent in due course.”
The official also stated that the team is being harassed. “We face a lot of problems in Kochi and we have sought permission to shift our base. We have not received any reply from the BCCI. And now, we get these notices. If they take any action, we will have no choice but to explore legal options,” he said.