India news September 2, 2012

DC owners seek BCCI help to find buyer


The BCCI's working committee will meet on September 4 to decide on the future of the beleaguered Deccan Chargers IPL franchise. The meeting comes after the franchise owners sought the board's help in finding a new buyer, conceding they could not carry on running the franchise given their financial problems.

At the meeting, board president N Srinivasan - who met the franchise owners recently - is likely to explain the BCCI's future stand. "They have thrown up their hands. They met the BCCI president directly and said that they cannot get their house in order," a BCCI working committee member, told ESPNcricinfo.

On August 14, the IPL governing council had asked the Chargers management to explain why the franchise had been mortgaged to two leading Indian banks when the BCCI held the ownership rights for the franchise. Granting a month to Deccan Chronicle Holdings Limited (DCHL), the board asked the Chargers' owners to come back with a reassurance that they were in a strong position to continue owning the franchise. T Venkatram Reddy, DCHL chairman, who was present at that meeting was confident the crisis would be resolved soon.

But earlier this week, Reddy revealed to The Economic Times that DCHL were in advanced talks with potential buyers and the franchise was in safe hands. However, according to the board official, the issue had become "complicated" with the investors in the franchise having asked the board to get involved.

"The lenders do not want the team to die. Nine lenders have written to the board saying they do not mind the team being sold and the board should try and help. The BCCI just wants now to facilitate in finding a buyer. We want to see if there is an amicable sale of the franchise," the official said.

In June DCHL had appointed Religare Capital Markets to look for potential investors who might be interested in buying a part or the entire stake in the franchise. But the board official pointed out any sale could not be a straightforward process. "It is not an easy task because there are some legal proceedings against the Deccan Chargers owners. There are also a number of lenders, number of people who have a stake in the team. One of the lenders has even filed a company winding-up petition," the official said.

Asked if the IPL could be in the danger of being reduced to eight teams, the official said that would be the final step. "We are trying to see and find out an amicable way out. If not, there is no other option. It is a complicated issue and is likely to be discussed during the working committee meeting," he said.

However not all board members are impressed at the sudden "soft approach" being thought about by the BCCI top brass. "Less than a month ago we had stated and issued a notice to the Deccan Chargers owners that in case they would not settle their dispute the board would auction for a new team. Now apparently we have to take a softer route. How are we concerned? The lenders are knocking at the BCCI doors because they are in trouble," a working committee member said.

Nagraj Gollapudi is an assistant editor at ESPNcricinfo

Comments have now been closed for this article

  • Dummy4 on September 4, 2012, 8:06 GMT

    I think DLF may be eying for it since they already pulled out as title sponsor of IPL. This will pave the way for them to bid for the Deccan Charges.

  • raghavan on September 4, 2012, 6:54 GMT

    What happens to the players??Will they be put through the auction again like Kochi players for IPL 2012??

  • V.L on September 3, 2012, 23:37 GMT

    @Stephen_Smith It so happens that IPL teams have won 3 out of the 4 CLT20 tournaments played till date. Still think they are a joke? Think again! IPL is here to stay whether you like it or not, though the number of franchises may drop.

  • Stephen on September 3, 2012, 12:17 GMT

    ipl won't continue after another 2 years. financially it's not viable and the matches are bit of a joke also. bye bye

  • Krishna on September 3, 2012, 11:55 GMT

    It seems Gayathri Reddy should find a millionaire and get married,who will help her in Investments(like Shilpa Shetty).

  • Unni on September 3, 2012, 11:24 GMT

    As per the rules in order to sell the franchise they have to get permission from BCCI /IPL governing council.The league is not in trouble the owner of Deccan Chronicle the newspaper is in trouble

  • amila on September 3, 2012, 8:42 GMT

    So called one of best league in a huge trouble.LOL

  • LAVIGNE on September 2, 2012, 21:53 GMT

    This is a good piece of news ! At last, some investors are cautious and they are finding that neither IPL and nor T20 are proper cricket ! This IPL circus is a show and is it worth losing money for a show ? This is the first step of the reduced influence of T20 in the cricket world ! Very very good !

  • Dummy4 on September 2, 2012, 20:47 GMT

    Take some good players please,

  • Dummy4 on September 2, 2012, 17:49 GMT

    no buyers for ipl franchise? looks like it is not such a good investment after all .

  • No featured comments at the moment.