ibnlive » Cricketnext

Deccan's future on thin ice after reject


Sanjeeb Mukherjea,Cricketnext.com
Sep 13, 2012 at 08:24pm IST

The owners of Deccan Chronicle Holdings Limited, the parent body of IPL side Deccan Chargers, on Thursday rejected the lone bid to sell the beleaguered franchise, throwing the future of the team in doubt.

CNN-IBN reported earlier in the day that the only bidder PVP Films' bid of Rs 915 crore for the ownership of Deccan had been rejected. It was also said that the owners acted on the suggestions of the banks which have loaned huge money to the Hyderabad-based team.

After today's turn of events, the fate of the franchise is expected to be decided at the BCCI Working Committee meeting in Chennai on September 15. "The price and terms of payments were not acceptable to Deccan Chargers. The BCCI assisted the Deccan Chargers and we also looked at the eligibility criteria, whether they are fit and proper," BCCI President N Srinivasan told reporters.

"We found that the party was acceptable to us. After that it was between Deccan Chargers and the bidder, there the BCCI was not involved. But they [Deccan] informed us that the price and terms were not suitable, so they didn't accept it,"

When asked if a new tender will be floated since the lone bid has been rejected, Srinivasan said, "You have to ask Deccan Chargers, now it's up to them. The franchise is on (exit). The BCCI has issued a notice to the franchise to clear certain defects. We have given them some time, but that is between the BCCI and franchise."

What transpired on Thursday doesn't seem to have gone down too well with the BCCI which was keen to resolve the issues surrounding the franchise early, and there was a strong indication that Deccan Chargers' contract could be terminated.

The BCCI later issued a press release and said the Board had no role in Chargers' decision to reject the bid. "The bid that was received by Deccan Chronicle Holdings Limited met BCCI's eligibility and suitability criteria.

"The bid was then reviewed by Deccan Chronicle Holdings Limited who, in its discretion and with no role being played by the BCCI, rejected the bid on the basis of the payment terms offered by the bidder," BCCI Secretary Sanjay Jagdale said in the release.

After struggling on the field for two seasons, Deccan have been blighted by management woes after it was revealed that several players had not been paid their salary dues due to the financial trouble of the franchise’s present owners.

Deccan Chronicle Holdings Limited purchased the Hyderabad franchise for Rs 428 crore in 2008. At the auction, the base price was said to be around Rs 750 crore.

(With inputs from PTI)

Latest

More from this section

Bleacher Report