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.
Kochi had faced the prospect of being axed even last year when the BCCI questioned its shareholding but the matter was settled after agreement between the various owners.
