Discarded IPL franchise, Kochi Tuskers Kerala are seeking an IPL return next year as Supreme Court has directed the board to pay a compensation of Rs 550 crore to disbanded Indian Premier League (IPL) franchise, Kochi Tuskers Kerala, for terminating their contract in 2011.
SC has also made it clear that the amount has to be paid with 18 percent annual interest. That takes BCCI’s liability in this case to over Rs 1,700 crore.The Kochi owners won the arbitration case in 2015 challenging BCCI’s decision to encash bank guarantee citing breach of agreement.
After hearing Supreme Court's decision on BCCI, one of their spokesperson said that “the prime aim of his team is not to press for entire amount from BCCI but rather seek a return to IPL fold”.
“We are still open for an amicable settlement with the BCCI,” said the owner, adding: “We’re ready to wave off nearly Rs 1,000 crore if our team is allowed to returns to IPL fold from next season (2019). We are cricket lovers and eager to play the game again.”
If the case concerning the Tuskers is not paid attention soon. then an additional 20 crore would add up every month. As per the 18 percent interest, BCCI pays Rs 75 lakh per day and that comes to Rs 240 crore a year.
“We hope the COA will take a wise decision and save the huge public money in the interest of cricket lovers. We are ready to wave off Rs 1000 crore if our team is allowed to play from 2019,” was how Kochi owner concluded.
Besides Kochi, BCCI is still to pay a sum of rupees 700 crores to Pune Sahara Warriors. BCCI on its part was adamant on scraping these two franchises from the IPL fold, but Kochi's appeal has again fuelled up the controversy. It will now be really interesting to see the development of this case with IPL 2018 just three weeks away from kick off.