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Mumbai, Oct 19 (PTI) The various partners forming the consortium that successfully bid for the Kochi IPL franchise had a series of meetings here today to come to a settlement and form a joint venture company that will hold the franchise rights for the cash-awash Twenty20 League. "There were meetings this afternoon and negotiations are on.
All consortium partners were present. They are having another meeting tonight," said sources in know of the developments.
The crux of the dispute is who will run the affairs of the franchise, bought from the Cricket Board for a staggering USD 333 million, once the JV was formed. The investors include corporate firms Anchor Earth, Parinee Developers, Rosy Blue and Film Wave - who hold 75 per cent of the equity.
The remaining 25 per cent has been given to the family of Gaekwads - Shailendra, his brother Ravi and their parents plus a few others - as free equity for services rendered in successfully bidding for the franchise, the sources said. "The majority share holders want the minority to invest 10 per cent and get 15 per cent as (free) equity without giving up control over running the company, while the other parties to the dispute want either the CEO post or the cricketing affairs to be vested with them," the sources said.
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