Mumbai: Embattled IPL franchise Deccan Chargers has been instructed by the Bombay High Court to pay the BCCI a 100 crore guarantee by October 9, and bear all costs for the 2013 season.
The wire transfers must be made by the franchise owners, media company Deccan Chronicle Holdings (DCH), before October 3 and all outstanding dues for hotels for IPL 5 by October 31.
Any further insolvency on Deccan’s part can result in termination of the franchise by the BCCI. The BCCI’s outstanding dues to DCH, amounting to 15 crorer, will have to be given to the court.
The BCCI will be allowed to float tenders for a tenth team at a to-be-decided date.
More to follow …