Daily headlines come from the ongoing fight between the Board of Control for Cricket in India (BCCI) and Kochi Tuskers Kerala (KTK), the now-defunct Indian Premier League (IPL) franchise. KTK played in the IPL in the 2011 season, finishing with six wins out of fourteen games. Following only one season, the BCCI decided to end the franchise, citing a breach of contract because KTK failed to offer a bank guarantee on time, a condition stated in their contract.
But last week, in an unexpected turn of events, the Bombay High Court ordered the BCCI to compensate KTK for Rs 538 crore. Many were stunned by this explosive news, and further stories from the Malayalam newspaper Mathrubhumi suggested that many famous cricketers, including VVS Laxman, Ravindra Jadeja, and Steve Smith, have yet to get their full and final payouts from the Kerala-based company.
According to the report, KTK was successful at paying the players the first two instalments of their wages. Still unpaid is the third volume, 35% of their total earnings.
The report stated, “Sri Lankan legend Mahela Jayawardene, who captained the Kochi franchise, was the team’s most expensive signing at Rs 6.80 crore.” “Other notable names awaiting payment include former India interim head coach VVS Laxman, Gujarat Titans assistant coach Parthiv Patel, Australian batter Steve Smith, and Indian all-rounder Ravindra Jadeja,” it further added.
Reflecting on the decision of the Bombay High Court, it’s remarkable that the BCCI was ordered to pay Rs 550 crore, including Rs 384 crore to KCPL and Rs 153 crore to Rendezvous Sports, following an arbitration result favoring the Kochi Tuskers in 2015.
Having been purchased for an amazing Rs 1,550 crore annually prior, the franchise failed on its yearly payment, prompting the BCCI to end its agreement in 2011. In its legal fight against the BCCI, the franchise ultimately prevailed, thereby leading to a court decree requiring the board to pay out Rs 550 crore.
