The Board of Control for Cricket in India on Monday removed the Kochi Tuskers Kerala from the Indian Premier League
Kochi was one of two new teams added to the lucrative Twenty20 tournament for its fourth edition this year and was sold to Rendezvous Sports World for 333.33 million US dollars.
Reports suggested that Kochi’s problems are related to defaults on their payments, leading to the BCCI’s decision to revoke the franchise’s licence.
“Because of the irremediable breach committed by the Kochi franchise, the BCCI has decided to encash the bank guarantee in their possession and also terminate the franchise,” BCCI president N Srinivasan told ESPNcricinfo.
“We have terminated the franchise because the breach is not capable of being remedied.”
The Tuskers finished eighth in 2011’s 10-team standings after winning just six of their 14 matches.
Former Sri Lanka skipper Mahela Jayawardene, Australia all-rounders Brad Hodge and Steve Smith, New Zealand wicketkeeper-batsman Brendon McCullum and England’s Owais Shah were among the prominent overseas players signed by Kochi.