Kochi IPL franchise denies selling stake to unknown people

Indian Premier League's (IPL) Kochi franchise, which will make its debut next year, today rubbished reports that it has sold off 25 per cent stake to an unknown party, insisting that it would soon furnish details of the team's shareholders to the BCCI.

"The news of the transfer of 25 per cent of stake to a third party is absolutely baseless," Vivek Venugopal, co-owner of the Kochi franchise, said.

"We have followed the tender document in letter and spirit. No official statement has come to us from the BCCI on any such issue," he said.

Venugopal was reacting to media reports today which stated that the BCCI might cancel Kochi's franchise. Venugopal said all documents will be given to BCCI today for clarification.

"We will soon furnish the complete identity of share holders," he said.

Pune and Kochi are the teams which would make their IPL debut next season. Rendezvous Sports World, a consortium of five companies, had won the Kochi Francise in the bid held in Chennai last month for a staggering $333.3 million (Rs 1,533 crore).

Meanwhile, T C Mathew, Kerala Cricket Association, Secretary also rubbished the reports about the Kochi franchise selling off 25 percent stake to a third party.

"This would be sorted out before April 12 and there is nothing serious. I cannot say whether any lobby is behind the current issue," he said.