BCCI will have to pay more than Rs 800 crores compensation to former IPL team Kochi Tuskers Kerala, whose contract was canceled in 2011.

IPL Chairman Rajiv Shukla said after the meeting, "Kochi Tuskers has asked for compensation of Rs 850 crores. We discussed this at the IPL governing council meeting. Now the issue will be kept in the meeting of the General Assembly. They will decide, but the matter needs to be negotiated."

Kochi Tuskers owners had won the case in the Arbitration against BCCI in 2015, in which the decision of the BCCI to redeem the bank guarantee for the contravention of the contract was challenged.

The panel, headed by RC Lahoti, had instructed the BCCI to repay Rs 550 crore as compensation and 18 per cent penalty was to be imposed annually for not doing so.

For the past two years, the BCCI did not pay the compensation nor withdrew the team in the IPL.

A member of the IPL Governing Council said, "We have to pay compensation to Kochi. All legal options have been discussed. Generally, it is stupid to challenge the verdict in the Supreme Court when it comes against BCCI.''

He said that we have no choice, but the question is how much will be the amount? The decision to cancel the contract of Kochi was taken by the then BCCI president Shashank Manohar.

The official said, "We have to suffer the frustration of a man's stubbornness. If Shashank had not taken that decision, then we would have taken some way out."

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