Thiruvananthapuram, Oct 19 (IANS) Time in running out for the owners of Kochi's Indian Premier League (IPL) team, and now with a new rift breaking out over the sweat equity given to the Gaekwad brothers, it seems that the team is unlikely to feature in the fourth edition of the tournament next year.

Kerala Cricket Association (KCA) secretary T.C.Mathew told IANS if the owners don't settle all their disputes by Oct 21, it would be very difficult to see a team from Kochi in the IPL.

"The IPL governing board is meeting on Oct 21 and it was early this month that the owners were asked to settle whatever issues they had. If they fail, then the risk of Kochi IPL getting on to the field could be difficult. We are all hoping that they will sort out all issues," said Mathew.

The Board of Control for Cricket in India (BCCI) at its meeting Oct 10 in Mumbai issued a notice to the unincorporated joint venture holding the Kochi franchise, calling upon it to resolve all disputes and form a joint venture company which will hold the IPL franchise rights in 10 days' time.

Mathew has been doing his best and so has been Thiruvananthapuram Lok Sabha member Sashi Tharoor, who even lost his ministership over getting the franchise, to get the Kochi venture owners to settle all issues amongst themselves in the best interest of cricket.

Rendezvous Sports World in March won the franchise rights for the Kochi IPL team for a bid price of Rs.1,500 crore.

Rendezvous Sports World is owned by a consortium that includes Vivek Venugopal, a businessman based in and out of the state. Shailendra Gaekwad is also one of the owners.

Venugopal with other five companies has formed a group called Kerala Consortium. The others are Anchor Earth, Parani Development Pvt Ltd, Anand Shah Developers and Film Waves.

Currently the Gaekwad brothers own 26 per cent, of which 25 per cent is sweat equity and this is what has been opposed by the others.