05 November 2018 last updated at 12:35 GMT
 
Royals moves to Pune, Chennai switches owners for Rs 50 lakh
Wednesday 25 October 2017

Royals moves to Pune, Chennai switches owners for Rs 50 lakh
Chennai Super Kings is expected to return to IPL in 2018
The Board of Control for Cricket in India (BCCI) got mired deeper in a fix on Tuesday. First, the Indian Premier League's (IPL) disbanded franchise Kochi Tuskers refused BCCI's offer of Rs 850 crore in exchange of peace for terminating its contract illegally in 2011. It appears like the Board may now have to dole out more than they expected, to strike a truce. And then, it is facing dilemma over how to deal with restructuring two tainted teams — Rajasthan Royals and Chennai Super Kings.
It has been learnt that the Jaipur-based Rajasthan Royals' request to change in name has already been approved by the IPL Governing Council.
"The dropping of word Rajasthan from the team's name had already been approved by GC. The team's name now is just Royals," informed a GC member on Tuesday. According to insiders in the Royals, this change in name has helped them strike a sale deal with RPG's Sanjiv Goenka, who had managed Mahendra Singh Dhoni-led Rising Pune Supergiant last two seasons when RR and CSK were suspended for wrongdoings during 2013 IPL spot-fixing scandal.
It has been learnt that Royals' team deal is approximately Rs 1,000 crore. On the other hand, former BCCI chief N Srinivasan is giving a headache to the the board by restructuring the ownership pattern. Srinivasan has already transferred CSK shares amongst shareholders of India Cements and the value of the franchise shown is approximately Rs 50 lakh only. This means that as per IPL contract, BCCI stands to gain Rs 50 crore as transfer money from Royals' sale, but CSK transfer could fetch it only Rs 5 lakh.
"This issue related to CSK has been referred to our legal team. We will wait for their advice," a GC insider replied to a query from DNA on Tuesday. He, however, denied any knowledge of Royals' sale to any third party. "There is nothing as such on record in front of GC or BCCI."
The four co-owners of Kochi Tuskers have, meanwhile, rejected the BCCI's proposal for a truce with Rs 850 crore as compensation for illegally terminating its contract six seasons ago, during the tenure of Shashank Manohar.
The former board president cited breach of franchise agreement even as other members expressed disagreement with his call then. "It was one man's obstinacy that is now costing us a bomb. Had Shashank not taken that decision, we could have worked our way out.
"In fact, before Kochi went to arbitration, they had asked for a compensation of Rs 300 crore. Even then our officials showed arrogance and now BCCI may have to pay dearly for its mistake," a GC member said after the meeting on Tuesday.
Kochi Tuskers were terminated in September 2011 and BCCI had decided to encash Tuskers' bank guarantees valuing up to Rs 153.33 crore. The case was then taken to the arbitration, and former chief justice of India RC Lahoti ruled that as per clause 8.1.29, BCCI would have to pay Kochi Tuskers Rs 385 crore approximately as damages.
In addition to the damages mentioned, the BCCI also has to pay Tuskers the bank guarantee amount of approximately Rs 153 crore, all of which put together totals up to Rs 540 crore.
Apart from this, the franchise is also expected to get an interest at 18 per cent per annum with effect from September 2011 till the date of realisation, alongside the other expenses such as legal fees and other cost incurred.
As per an estimate, the total money that BCCI has to pay to Kochi has crossed a whopping Rs 1,500 crore till date.
"We've asked BCCI to pay part money (Rs 1,000 crore) along with reinstatement of our team," said two out of four Kochi Tuskers' owner after the offer made by BCCI on Tuesday.
"We were treated so shabbily by BCCI for no fault of ours. Where as CSK and RR are now welcomed back despite their wrongdoings. We want to play cricket and that's all," added the owners.

The Board of Control for Cricket in India (BCCI) got mired deeper in a fix on Tuesday. First, the Indian Premier League's (IPL) disbanded franchise Kochi Tuskers refused BCCI's offer of Rs 850 crore in exchange of peace for terminating its contract illegally in 2011. It appears like the Board may now have to dole out more than they expected, to strike a truce. And then, it is facing dilemma over how to deal with restructuring two tainted teams — Rajasthan Royals and Chennai Super Kings.

It has been learnt that the Jaipur-based Rajasthan Royals' request to change in name has already been approved by the IPL Governing Council.

"The dropping of word Rajasthan from the team's name had already been approved by GC. The team's name now is just Royals," informed a GC member on Tuesday. According to insiders in the Royals, this change in name has helped them strike a sale deal with RPG's Sanjiv Goenka, who had managed Mahendra Singh Dhoni-led Rising Pune Supergiant last two seasons when RR and CSK were suspended for wrongdoings during 2013 IPL spot-fixing scandal.

It has been learnt that Royals' team deal is approximately Rs 1,000 crore. On the other hand, former BCCI chief N Srinivasan is giving a headache to the the board by restructuring the ownership pattern. Srinivasan has already transferred CSK shares amongst shareholders of India Cements and the value of the franchise shown is approximately Rs 50 lakh only. This means that as per IPL contract, BCCI stands to gain Rs 50 crore as transfer money from Royals' sale, but CSK transfer could fetch it only Rs 5 lakh.

"This issue related to CSK has been referred to our legal team. We will wait for their advice," a GC insider replied to a query from DNA on Tuesday. He, however, denied any knowledge of Royals' sale to any third party. "There is nothing as such on record in front of GC or BCCI."

The four co-owners of Kochi Tuskers have, meanwhile, rejected the BCCI's proposal for a truce with Rs 850 crore as compensation for illegally terminating its contract six seasons ago, during the tenure of Shashank Manohar.

The former board president cited breach of franchise agreement even as other members expressed disagreement with his call then. "It was one man's obstinacy that is now costing us a bomb. Had Shashank not taken that decision, we could have worked our way out.

"In fact, before Kochi went to arbitration, they had asked for a compensation of Rs 300 crore. Even then our officials showed arrogance and now BCCI may have to pay dearly for its mistake," a GC member said after the meeting on Tuesday.

Kochi Tuskers were terminated in September 2011 and BCCI had decided to encash Tuskers' bank guarantees valuing up to Rs 153.33 crore. The case was then taken to the arbitration, and former chief justice of India RC Lahoti ruled that as per clause 8.1.29, BCCI would have to pay Kochi Tuskers Rs 385 crore approximately as damages.
In addition to the damages mentioned, the BCCI also has to pay Tuskers the bank guarantee amount of approximately Rs 153 crore, all of which put together totals up to Rs 540 crore.

Apart from this, the franchise is also expected to get an interest at 18 per cent per annum with effect from September 2011 till the date of realisation, alongside the other expenses such as legal fees and other cost incurred.

As per an estimate, the total money that BCCI has to pay to Kochi has crossed a whopping Rs 1,500 crore till date.

"We've asked BCCI to pay part money (Rs 1,000 crore) along with reinstatement of our team," said two out of four Kochi Tuskers' owner after the offer made by BCCI on Tuesday.

"We were treated so shabbily by BCCI for no fault of ours. Where as CSK and RR are now welcomed back despite their wrongdoings. We want to play cricket and that's all," added the owners.

(Courtesy: Daily News and Analysis)

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