IPL ROW: Slog overs begin for Kochi franchise

Time is running out for the Kochi franchise, who have been asked by the BCCI to get their house in order before October 20, or face expulsion from the IPL.

It is learnt that the owners will be left with no option but to sign a memorandum of understanding (MoU) stating that Rendezvous Sports will hold only 10 per cent sweat equity, as compared to the original 25 per cent. The consortium is expected to submit the new terms to the BCCI early next week.

There is also the possibility of Rendezvous Sports buying the whole 25 per cent of free equity that was granted to them 'for life' when the franchise was set up earlier this year. Last month, Rendezvous co-owners were offered payment (in cash) of 10 per cent of the free equity to exit the consortium.

The Anchor Group, which owns 26 per cent of the franchise, was willing to stake more claim and end the debate once and for all. Neither camp is willing to give away control of the teamu00a0-- a change in tone since last month - when more than a few investors were prepared to give up on the franchise.

"The promoters and investors are constantly meeting to discuss all options. However, time is running out," Kerala Cricket Association (KCA) Secretary, TC Matthew toldu00a0 SUNDAY MiD DAY.