Financial crisis forces Deccan Chronicle to look for buyers for its IPL team Deccan Chargers

first_imgDeccan Chronicle Holdings Limited (DCHL) has put its Indian Premier League (IPL) team up for sale. The IPL franchisee has issued a tender notice inviting bids from buyers for the Deccan Chargers, which is currently in a financial mess.If Deccan Chargers does not close a deal with a buyer by Friday, the Board of Control for Cricket in India (BCCI) would float a tender to find a replacement for the crisis-hit franchise.The cricket board’s working committee had on Monday decided to allow DCHL to go ahead and issue tender. The new buyer might have to pay the salary of the Deccan Chargers’ players for the fifth edition of the IPL.According to the tender notice, “under this invitation to tender issued by DCHL, the winning bidder will acquire from the DCHL on an “as is where is” basis the right to own and operate the IPL team currently known as Deccan Chargers, which is and will continue to be based in Hyderabad and which competes in the Indian Premier League and which has the opportunity (if applicable and subject to qualification) to compete in each and any CLT20 which is staged from 2013 onwards”.The term “as is where is” means that the new buyer will have to use the name Deccan Chargers and will have to clear the liabilities of the current owner.The invitation to tender and the bid document can be acquired from the BCCI office in Mumbai from September 7 upon a payment of Rs 5 lakh by demand draft or pay order favouring DCHL.According to the IPL constitution, 5 per cent of the bidding amount will be acquired by the BCCI.The last day for submitting the bid will be 12 noon on September 13 and the winning bid will be announced on the same day.The new potential buyer may have to pay the salary of the Deccan Chargers’ players for the fifth edition of the IPL.The move will also help consortium of banks, which had loaned out significant amount to DCHL, to recover their money since the name of the team will remain Deccan Chargers.Earlier in June, DCHL had appointed investment banking institution, Religare to find a potential buyer but they were unable to find one, who would readily buy the team with its financial liabilities.advertisement– With PTI inputslast_img

Leave a Reply

Your email address will not be published. Required fields are marked *