Post Kings XI Punjab's interim relief, chief Shashank Manohar stresses to MiD-DAY that BCCI is ready for a 10-team Indian Premier League if needed
Post Kingsu00a0XI Punjab's interim relief, chief Shashank Manohar stresses to MiD-DAY thatu00a0BCCI is ready for a 10-team Indian Premier League if needed Preity Zinta
Two weeks ago, only seven teams were assured of participation in the fourth edition of the Indian Premier League. With few twists of fate, it now appears likely that it will be a 10-team event as originally scheduled.
Yesterday, after three days of gruelling proceedings, the Bombay High Court finally passed an injunction against the Board of Control for Cricket in India's (BCCI) termination order of Kings XI Punjab. The court has stayed the termination of the franchisee contract till a new independent arbitrator hears both parties and passes an order. 
It now means KXIP can take part in both the players' auction (scheduled for January) and IPL-4 next year.
"I haven't seen the order, because the High Court will share the order only tomorrow evening (Thursday). We will look into it and contemplate the next move." BCCI President, Shashank Manohar told MiD DAY.
"We maintain that we will stand by the decision of the High Court. Whatever it decides, we will abide by it. If that means we have to have an IPL with 10 teams, so be it," Manohar added. According to the show cause notice slapped by BCCI to Kings XI Punjab on October 1, a copy of which is withu00a0 MiD DAY, it states that in 2008 Preity Zinta was named chairperson of KPH Dream Cricket Pvt Ltd, the company that holds the rights to the franchise. However, ACEE Enterprise Pvt Ltd (9900) and Mohit Burman (100) held shares of the company.
Zinta, Ness Wadia, Karan Paul and Mohit Burman had formed a consortium to bid for the franchise in December 2007. However, none of their names featured as shareholders when the company was incorporated on 10-3-2008. However, in the letter of eligibility submitted along with bid documents on 22-1-2008, the individuals expressed to form a company "Preity Zinta & Others."
Thereafter, KXIP restructured their ownership pattern twice - in May and June of 2008. This was the core reason for their termination.
Until the entire arbitration process is complete, the existing consortium will no longer be able to make any changes to their shareholdings. The shares cannot be sold without the court or arbitrator's permission.
Secondly, Windy Investments and MB Finmart (to which Mohit Burman and ACEE transferred stakes on 8.5.2008) will have to transfer their entire shareholding back to the original consortium members (Zinta, Wadia, Burman and Paul). In other words, the four must own a minimum of 51 per cent stake in the franchise.u00a0Punjab will have to issue a bank guarantee of $3.5 million to the BCCI to ensure the Board and players don't face any financial losses in case the final judgement of the arbitrator is given against Kings XI.
Also, Punjab will have to give a bank guarantee of $ 18 million for the players who would be playing for them over the next few years. "We want to react properly only after receiving the order from the High Court. We have a lot of bank work to do in the next few weeks, but are delighted. It is a complete stay, and not six weeks like in Royals' case. We are cleared to play IPL-4," a Punjab team official said.
The aftermath
Bombay High Court has ensured that there won't be any change in the original controlling of the company. "If the original bidders own the majority of the franchise (51 per cent stake), then things will become clearer. It is their miscommunication with BCCI on many fronts that led to their termination. Now, it is up to the law to take its course," a BCCI official said.
Kings XI had requested for an extension for retaining a maximum of four players (the deadline was yesterday). Sources said that Punjab may go into the players' auction with the full purse of $ 9 million.
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