The franchise was told by the Bombay HC to furnish a bank guarantee of Rs 100 crore by 5 pm Friday but it has failed to do so.
New Delhi: It's confirmed now. Deccan Chargers have been terminated from the Indian Premier League. The franchise was told by the Bombay High Court to furnish a bank guarantee of Rs 100 crore by 5 pm Friday but it has failed to do so, leaving the court with no choice but to uphold the BCCI's termination.
The Deccan Chargers representatives sought another extension but the court said no to their request.
Earlier in the day, there were rumours that Deccan Chronicle Holdings – the owners, sold the team to a Mumbai-basaed real-estate company Kamla Landmarc, which is owned by Jitendra Jain.
In a letter directed to the National Stock Exchange and Bombay Stock Exchange, Deccan said: "This is to inform you that pursuant to its Meeting of the Board of Directors held on October 11, 2012, it was resolved to authorize the Board of Directors to sell, transfer/dispose off the Deccan Chargers Franchise business undertakings/business division of the Company to Kamla Landmarc Real Estate Holdings Private Limited."
However, the BCCI is yet to confirm the sale.
The Indian cricket board axed the franchise last month after the owners failed to sort out their financial woes. After that, the franchise moved court.