Kochi Ownership Issue Solved - BCCI

New Delhi: The owners of the Indian Premier League newest team, Kochi, submitted the ownership records to the BCCI after reports had emerged that the Indian cricket board is considering the cancellation of the Kochi franchise following reports of 'secret owners' in the franchise.

The owners of the newest team met the BCCI officials in Mumbai. The members of the Kochi franchisee were in the city to submit their documents and papers to clear all speculation over their bid being cancelled.

However, the Kochi officials are confident that they can resolve the issue and complete all formalities by Monday (April 12).

Earlier, reports had emerged that IPL would probe into the ownership of Kochi after learning of its 'secret partners'. Commissioner of the IPL, Lalit Modi, has denied reports of a probe into the Kochi franchise ownership issue.

Modi has now asked the media to ignore all such rumours and stated that the contract will be finalized soon. He said the delays are only due to the consortium agreement and not the franchisee agreement. However his statements will not lay to rest the entire controversy.

Reports emerged that the Kochi IPL franchisees had run into trouble with the BCCI shortly before they were scheduled to field their team in next year's IPL Season 4. IPL sources claimed that the BCCI had returned the agreement papers after discovering that the Kochi franchisee reportedly gave 25% of its shareholding for life to some unknown entities, free of cost when it has itself bid almost Rs 1,500 crore to obtain the franchise.

The sources also had claimed that the consortium was asked to present its case and sign the agreement, mentioning all its partners, in Mumbai by Monday.

However, sources in the Kochi camp subsequently denied that any such transfer of stake had taken place. They also insisted that they would submit the agreement papers to BCCI on Friday itself.

A BCCI official even said that this 'free equity business' would have to be investigated and that is why the Kochi teams agreement has been returned.

The CEO of the Kochi franchisee, Shailendra Gaikwad, however, denied any such differences with the board saying that he is not aware of such an event.