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SBD Global/September 7, 2012/Finance

IPL's Deccan Chargers Seeking Buyer By Friday

If the Indian Premier League's Deccan Chargers do not get a buyer by Friday, the Board of Cricket Control in India will "float a tender to find a replacement for the crisis-hit franchise," according to TNN. The board sent a letter Tuesday to Chargers owners asking them "to close a deal with a prospective buyer" by Friday. BCCI currently has no plans to have a base price for the team if it is forced to float a tender, as it would "encourage more bidders for the franchise." ICICI Bank, which has given a loan of Rs 4.8B ($86.4M) to Chargers, has formed a consortium with Yes Bank -- which has loaned the franchise Rs 1.7B ($30.6M) -- and another private bank. The consortium has told the BCCI that if Chargers fail to find a buyer, they are "keen on running the IPL team for at least a year" and then deciding on its future (TNN, 9/6). The PTI reported that Deccan Chronicle Holdings Limited "issued a tender notice inviting bids from prospective buyers" for Chargers. The tender notice said, "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" (PTI, 9/6).
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