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SBD Global/September 14, 2012/Franchises

Indian Cricket's Deccan Chargers Rejected Its Only Offer To Save The Team

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).
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