India news June 15, 2012

Deccan Chargers hunts for buyers

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Deccan Chronicle Holdings Limited, the owner of IPL side Deccan Chargers, is exploring the possibility of selling all or part of the franchise and has appointed an investment banker to search for prospective buyers, ESPNcricinfo has learned. When contacted, a franchise spokesperson declined to comment on the matter, but a person familiar with the development said Religare Capital Markets has been appointed to handle the deal.

Deccan Chargers was bought by the Deccan Chronicle group for US$107 million in the first IPL team auction in 2008. At the time, it was the third-most expensive franchise, after Mumbai Indians and Royal Challengers Bangalore. During the second team auction in 2010, the Pune franchise was sold to the Sahara group for $370 million while the now dissolved Kochi franchise was bought by a consortium for $333 million.

If the owners are successful in finding a buyer, they would be the second in the IPL to sell at least a part of the franchise. In 2009, Rajasthan Royals, then the reigning IPL champions, sold an 11.7% stake in the franchise for approximately $15.4 million to Shilpa Shetty, the Bollywood actress, and her partner Raj Kundra, a UK-based businessman. That put the valuation of the franchise at around $140 million, more than double the $67 million the owners, Emerging Media, paid for it a year ago in 2008.

Led by Adam Gilchrist, the former Australia wicketkeeper, Chargers won the IPL in 2009. They struggled in this season's event, however, finishing eighth out of nine teams and winning just four games under the leadership of Kumar Sangakkara, the former Sri Lanka captain, and Cameron White, the Australia batsman.

Tariq Engineer is a senior sub-editor at ESPNcricinfo

Comments have now been closed for this article

  • dummy4fb on June 18, 2012, 13:02 GMT

    dc should get back local players like suman,ojha v.rao and next season they have to bey rayudu at any cost

  • mangat083 on June 17, 2012, 17:37 GMT

    Go salman buy this team... This team will rock if salman buy it..

  • mangat083 on June 17, 2012, 17:31 GMT

    I think salman khan should buy this team.. He is a real fighter.the team will get a big boost by having him.they will buy some great players because there will be no shortage of money.

  • dummy4fb on June 17, 2012, 16:18 GMT

    the mask behind gayathri reddy merciilessly released the entire team for auction in 1911 and treated very very smooth laxman badl and shabbily

    her face may be charming but she does not deserve any success nbs 17 6 12

  • dummy4fb on June 17, 2012, 10:44 GMT

    It was not either Kumar Sangakkara's or Cameron White's fault. It was totally the owners and coaches fault. They should have bought proper Indian players. $ foreign players can't do everything. Utter rubbish to blame the captains

  • sweetspot on June 17, 2012, 6:06 GMT

    Great time for someone to drive a hard bargain and buy into an opportunity. The team only has to excite its fan base for the franchise to make money. It does not have to keep winning. If Ishant Sharma had been fit this season, things would have been less disastrous. DC are not half as bad as they looked on the table. Particularly as a CSK fan, it was most heartening to see them knock RCB out! Go DC!

  • dummy4fb on June 17, 2012, 5:52 GMT

    present owners failed to buy a good team, lost valuable players like KP, Ojha to other teams for making money. This Franchise failed to capitalize the Hyderabad team following. We want a better ownership and the team name should include Hyderabad.

  • dummy4fb on June 17, 2012, 5:13 GMT

    i think dc should buy a new better player make him the captain.

  • dummy4fb on June 17, 2012, 3:24 GMT

    Wrong time to sell your stake. Not when you have been walloped in the season. RR got a good deal because it was immediately after the season after their win

  • gunnerr4life on June 16, 2012, 21:47 GMT

    friends life t20 league is way more entertaining than any other 20/20 league .. It's pure cricket and not a business or entertainment industry .. The spectators there comes to see cricket , unlike IPL, where most of the people come to see cheerleaders and movie stars ! This is not cricket ...

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