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SBD Global/October 2, 2012/Franchises

IPL Team Asked To Furnish $19M, Otherwise Will Face Termination

The Bombay high court in India directed the cash-strapped Indian Premier League franchise Deccan Chargers "to furnish a bank guarantee" of Rs 100 crore ($19M) to the Board of Cricket Control in India within 10 days, according to Swati Deshpande of the TNN. The court has also appointed retired Supreme Court judge CK Thakker as the sole arbitrator to resolve within three months the dispute between the board and the team. Justice SJ Kathawala said that if the guarantee is not furnished, "the termination notice stands confirmed." BCCI counsel Rafiq Dada said that he also wanted the court "to clarify in its order if the status quo continues that BCCI should be able to go ahead with calling bids for the 10th franchise" regardless of the termination notice to the Chargers, as 10 franchises are permitted and currently there were nine (TNN, 9/27).
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