Following the unlawful ouster from the Indian Premier League, Kochi Tuskers Kerala filed a case against the Board of Control for Cricket in India. The judgement came in favour of the franchise, who was asked to receive INR 550 Crores from the respective Indian Cricket Board. And also, asked to take 18% interest per annum.
However, after the settlements, both parties accepted for the deal of INR 800 Crores a couple of years ago. But, surprisingly, since then, BCCI hasn’t paid any amount to the franchise owners of Kochi Tuskers Kerala, which is going to be a big headache for the board.
Interest is mounting at 75 Lakh per day:
As they failed to pay the money, now, the interest rate is mounting around INR 75 lakhs per day. It means that the board would be in deep sorts if they delay paying money in time for the respective franchise owners.
The Board of Control for Cricket in India (BCCI) may find the Kochi Tuskers Kerala’s compensation claim issue too hot to handle. The Committee of Administrators had settled the compensation claim with the Kochi Tuskers team ownership at ₹ 800 crore two years ago.
However, the BCCI has since not made the payment to the franchise. According to reports, the debt is now mounting “at ₹ 75 lakh per day”. If the dues are not paid soon, the outstanding might just become unbearable for the board, a BCCI source has reportedly told the BCCI.
Because of the technical and operations issues, the respective board couldn’t clear the debt issues. With CoA not much interested in looking after the issue, the suspension of the president didn’t aid anything for the general body. In between, the treasurer is only looking after the official functions, which made things went unsettled.
As per Inside sport, it is learnt that the amount, rising enormously has reportedly reached INR 1,750 crores some time back and it continues to go up at a whopping ₹75 lakh per day
Meanwhile, it would be interesting to see how the board would cope up with the problem. Most Probably, they would like to settle the issue as quickly as possible in order to close the account of Kochi Tuskers Kerala.