Kochi Tuskers Kerala suspended from IPL

Agencies

Mumbai, 18 September 2011: The one-edition old Kochi Tuskers Kerala franchise was on Monday suspended from Indian Premier League for defaulting on payments, BCCI sources said.

 

According to sources, the team has not renewed its bank guarantee which it has to renew every year. The team was bought for Rs1,550 crore and the consortium has to pay a bank guarantee of Rs156 crore every year for the next 10 years.

 

 

The franchise has been asked to make the payment within stipulated time failing which it will face termination. The board is also hearing their plea to shift base from Kochi to Ahmedabad.