Friday, September 14, 2012

BCCI terminates Deccan Chargers' IPL contract

The Deccan Chargers' IPL contract has been terminated after a decision was reached in an emergency IPL council meet.

It was earlier reported that the Hyderabad-based Deccan Chargers was likely to survive in the Indian Premier League as YES Bank, one of its lenders, had agreed to bail them out by paying the players' salaries for Season 5.

It seems now that the BCCI has not taken the matter lightly and decided to go ahead with the tough decision.

On Thursday, debt-ridden Deccan Chargers' attempt to find a buyer had ended in an anti-climax with the IPL team rejecting the only bid they received, throwing the future of the beleaguered franchise into uncertainty.

Deccan Chronicle Holdings, the owner of Deccan Chargers, reportedly received a bid of Rs. 900 crore from PVP Ventures Limited, a Hyderabad-based company engaged in urban infrastructure and financing movies, but surprisingly chose to reject it at the auction as it considered the price and terms unacceptable.

The board, which was forced to take a decision on the fate of Chargers, had announced the date of the Working committee meeting as Saturday, September 15.

Source : NDTV Sports (With PTI inputs)

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