Rajasthan changes name, Chennai transfers their ownership
Chennai Super Kings and Rajasthan Royals, who served a ban for two years for their involvement in corruption and spot-fixing charges, will return to the much coveted Indian Premier League (IPL) from the next edition. However, scrapped franchise Kochi Tuskers Kerala rejected the Board of Cricket Control of India’s (BCCI) offer of Rs 850 crore as compensation for terminating them illegally in 2011, and now the apex body will have to pay much more than they expected.
It has come to attention that the Jaipur-based franchise Rajasthan Royals appealed to the IPL Governing Council to approve them of removing ‘Rajasthan’ from their team name and it was approved a few months ago. A Governing Council member while talking to DNA informed:
“The dropping of word Rajasthan from the team’s name had already been approved by GC. The team’s name now is just Royals.”
This change in name has helped the franchise owners to strike a possible deal with Sanjiv Goenka who was the owner of Rising Pune Supergiants, one of the two teams who was included in the IPL after handing a ban to Chennai Super Kings and Rajasthan Royals in 2013.
Meanwhile, former BCCI President N Srinivasan has decided to restructure the ownership pattern, and he has already transferred shares among the shareholders of India Cements, and the franchise has been valued at approximately Rs 50 lakh only. As a result, BCCI as per IPL contact will only receive Rs 5 lakh as the transfer of ownership where they are set to receive Rs 50 crores as transfer fees from Rajasthan Royals whose team deal is approximately Rs 1000 crore.
“This issue related to CSK has been referred to our legal team. We will wait for their advice,” a member of the Governing Council said.
On another instance, Kochi Tuskers owner’s have asked BCCI to pay Rs 1000 crore and include our team from the next edition. As per calculations, BCCI had to pay the franchise a sum of Rs 1500 crore which provides for charges for illegally terminating the franchise, the bank guarantee amount, along with 18 percent interest from September 2011 till the date of realisation and legal expenses.
“We were treated so shabbily by BCCI for no fault of ours, whereas, CSK and RR are now welcomed back despite their wrongdoings. We want to play cricket and that’s all,” the owners signed off.
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