The Kochi Franchise (Kochi Kerala Tuskers) that came with a bid of $333 million in March 2010 was thrown out of the IPL by the BCCI at its AGM here on Monday.
“We have terminated the Kochi franchise because of the irremediable breach committed by it. The BCCI has decided to encash the bank guarantee (for Rs. 156 crore) in its possession and also terminate the franchise. It's not capable of being remedied.
“The IPL governing council will have to take a call on the number of teams for the next IPL. Given the fact that the BCCI was earlier reluctant to expand the IPL, this is not a matter I can decide; the IPL gtoverning council will address the issue whenever it meets,'' said BCCI president N. Srinivasan.
The franchise was supposed to renew the bank guarantee (for one-tenth of the bid amount) by March 26, 2011.
“The franchise did not respond to many notices. This guarantee was for IPL season 2012. The existing bank guarantee (provided for 2011) would have lapsed on September 26. So the BCCI decided to encash it,'' said another BCCI official.
