Kochi, Wednesday, July 06, 2011: Mehul Shah, one of the co-owners of Kochi Tuskers Kerala, has denied reports that the IPL franchise is up for sale after a disappointing first season that saw them finish eighth in the ten-team league.

Shah, a director of the Anchor group, the largest shareholder in the consortium, said that they are not selling the team.

However, the same paper reported that another owner confirmed that the team is up for sale, potentially signalling a split in team ownership, something that has dogged the franchise since its inception.

The consortium bought the Kochi franchise last year for $333.33 million; three times the highest price paid for any of the first eight franchises, and was always going to struggle to make money given the size of the franchise fee. The group’s problems were then compounded by off-the-field issues that affected their revenues.

Ticket sales at the Jawaharlal Nehru Stadium in Kochi suffered because of a dispute between the owners and the local municipal authorities over taxes. The Kerala Cricket Association’s proposed international stadium, which would have been the franchises new home once it was ready, was denied building permission by the central government on environment grounds.

(News agency)