The Supreme Court of India has ordered the Board of Control for Cricket in India to pay the “terminated” Indian Premier League franchisee Kochi Tuskers Kerala a compensation of ₹1,700 crore – the ₹550 crore arbitration tribunal award of 2015 with an interest @18% per annum.
The Kochi Tuskers franchisee owners Rendezvous Sports World while celebrating their win in the court of law are “seriously considering” to negotiate with the BCCI for reinstatement of their team.
“We were the legitimate owners of an IPL franchisee. Our contract was terminated unlawfully. The single judge arbitration panel of Honourable Justice RC Lahoti had ruled in our favour. The Supreme Court has now upheld the verdict. This establishes beyond any doubt that we have been the rightful, legitimate owners of an IPL franchisee,” a franchisee partner told Insidesport.co. “We will negotiate to get that right back.
“Rendezvous Sports World is a consortium of sports-loving entrepreneurs. We have waited for almost seven years. While we respect the arbitration panel order and the SC verdict, we will approach the BCCI for the restoration of our franchisee for a fee.”
Rendezvous Sports World consortium had also talked about a re-entry to the IPL following the arbitration panel verdict in 2015 to award a ₹550 crore compensation to the franchisee.
The BCCI had terminated the Kochi Tuskers Kerala for the franchisee’s inability to furnish a new bank guarantee for 2011. The board had cited “irremediable breach by the Kochi franchise” as it decided to encash the bank guarantee (for 2010) in its possession and also terminated the franchise.
The Supreme Court had appointed former Chief Justice of India, Justice (retd) Lahoti as the arbitrator to adjudicate the matter. The arbitration panel in 2015 had ruled in Kochi Tusker Kerala’s favour, but the BCCI had then decided to challenge the order in the Supreme Court, where the board has suffered a setback yet again.