BCCI has recived letters from Kochi investors: Shukla

Amid indications that investors of the Kochi IPL franchise have withdrawn, BCCI vice-president Rajiv Shukla said the Board has received "certain letters" from the consortium's stakeholders and a final decision on the troubled team would be taken on November 28.

"I can only say that BCCI president (Shashank Manohar) has received certain letters from the Kochi stakeholders.

Keeping that in mind a meeting of the IPL Governing Council has been convened on November 28 in Nagpur where a final decision will be taken on Kochi," Shukla told reporters.

"Subsequently whatever steps are to be taken will be taken," he added.

Asked whether the BCCI has made up its mind to expel the team from the IPL, Shukla said, "that right to decide lies with the Governing Council. I can't say on that."

The investors in the consortium -- Anchor Earth, Parinee Developers, Rosy Blue and Film Wave -- hold 74 per cent of the equity.

The remaining 26 per cent lies with the Gaikwad family -- Shailendra, his brother Ravi and their parents all part of Rendezvous Sports World -- as free equity for services rendered in bidding for the franchise.

It is this 26 per cent, which has become a bone of contention among the stakeholders as the investors are in no mood to give free equity to Gaikwad family.

The Gaikwads, on their part, have refused to part with the equity.

The BCCI had given Kochi a month to sort out the internal squabbling and that deadline expires on Saturday.