Franchise thrown out of IPL for financial failures
Kochi Tuskers Kerala have been booted out of the Indian Premier League after failing to meet their financial obligations.
The Board of Control for Cricket in India (BCCI) would not reveal the exact reasons behind the decision but it is thought to revolve around the franchise's failure to pay a large debt.
The Indian media has reported that Kochi, who only made their IPL debut this year, defaulted on an annual payment of $33.1 million as a bank guarantee.
The franchise, which was bought by little-known Rendezvous Sports World group for $333 million at an auction last year, is no stranger to controversy.
Kochi was initially involved in a dispute over its ownership structure before being cleared by IPL owners the BCCI to take part in the 2011 edition.
Kochi, who counted V.V.S. Laxman of India, Mahela Jayawardene of Sri Lanka and Brendon McCullum of New Zealand among its top players, finished eighth in the 10-team competition this year.
The BCCI said that the IPL's governing council would now decide whether to hold an auction for a new franchise.
