IPL Deccan Chargers Have Time Limit To Solve Financial Troubles
The Indian Premier League Governing Council on Tuesday issued a 14-day ultimatum to the Deccan Chargers owners, "asking them to sort out the problems" of financial crisis, according to the TNN. The statement follows the team being mortgaged to two private banks who now want a stake in the team, which is "not permissible according to IPL rules." A source close to the issue said that if the situation was not sorted out within the stated time, "the Indian board will be forced to take action." Both parties were unwilling to talk on the issue. A source told the Times of India: "The Indian cricket board doesn't permit any IPL owner to mortgage his/her team in order to raise funds from financial bodies. As per IPL regulations, it is absolutely prohibited. Still, the team owners went ahead and did it. The IPL has taken a note of this and will take appropriate action if needed" (TNN, 8/15).