Kochi Tuskers, the IPL franchise made its debut back in 2011 but later that year their contract was terminated by BCCI for breaching its terms of agreement. The franchise owners had won an arbitration in 2015 and BCCI were asked to pay Rs 550 crore as compensation with 18 percent annual penalty on failing to do so.
"We have to pay Kochi compensation. All legal options have been exhausted. Normally when arbitration decision goes against you, it will be stupid to move Supreme Court appealing against it. We have no option but the question is how much," an influential IPL GC member told after coming out of the meeting.
For the past two years, the cricket board was adamant in neither paying nor taking back the franchise in the IPL, however, Kochi franchise once again has won the arbitration and now the BCCI have to pay a huge compensation of more than Rs 800 crore to disbanded IPL franchise.