Kochi slapped with suspension notice for defaulting on payment
Mumbai: Controversy-ridden IPL franchise Kochi Tuskers Kerala was slapped with a suspension notice for non-payment of bank guarantee by the Board of Control for Cricket in India (BCCI) at its Annual General Meeting, here on Monday.
The consortium, which was mired in a bitter ownership dispute after its very inception, defaulted on a Rs 156 crore annual payment it was to make as bank guarantee despite reported reminders from the IPL authorities.
According to BCCI sources, the franchise has been asked to make the payment within a stipulated timeframe failing which Kochi`s participation in the IPL would be terminated.
The franchise, which was bought for Rs 1,550 crore, is supposed to make the yearly payment for the next 10 years.
The team made its debut only last year and was among the laggards in the league.
Led by Mahela Jayawardene, the side has also been hitting the headlines due to its owners` reported desire to shift the team`s base to Ahmedabad.