SBD Global/September 14, 2012/FranchisesPrint All
Debt-ridden Indian Premier League team Deccan Chargers' attempt to find a buyer "ended in an anti-climax" Thursday with the team rejecting the only bid it received, and thus "throwing the future of the beleaguered franchise into uncertainty," according to the PTI. Team Owner Deccan Chronicle Holdings reportedly received a bid of Rs 900 crore ($163M) from PVP Ventures Ltd., 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 of Cricket Control in India "has now been forced to take a decision on the fate" of the Chargers at its Working Committee meeting on Saturday. When asked if a new tender will be floated, BCCI President N Srinivasan said, "You have to ask Deccan Chargers, now it's up to them. The franchise is on (exist). The BCCI has issued a notice to the franchise to clear certain defects. We have given them some time, but that is between BCCI and the franchise." The development, however, "has not gone down well with the BCCI, which was keen to resolve the issues" early, and there was a "strong indication" that the Chargers' contract could be terminated (PTI, 9/13).
China's second-tier National Basketball League team Guangzhou Free Man has dissolved, according to Jon Pastuszek of NIUBBALL.com. The team has been "bleeding through money with no rescue in the form of promotion to the Chinese Basketball Association in sight." The '12 NBL runner-up announced that it is "disbanding and will no long be participating in the league." The decision followed an investors meeting with team officials shortly after the playoffs. However, Free Man's disbandment from the league "was unexpected." As league runner-up for two consecutive years, Free Man "had built up one of the stronger teams in the league with the potential to win titles." To its demise, Free Man was "never content to win NBL hardware; rather, they were committed to being part of the CBA's long rumored plans for expansion." For the past two years the team has been "committed first and foremost to getting into the CBA." When news revealed that the CBA would remain at 17 teams, "it was a death blow for an organization that has been investing and losing piles of cash in recent years" (NIUBBALL.com, 9/13).