The fall of Deccan Chargers
June 15, 2012
News emerges that Deccan Chronicle Holdings Limited (DHCL), the owners of the Deccan Chargers side, are exploring the possibility of selling the franchise.
July 16, 2012
Former Chargers chief executive Tim Wright wins a case of wrongful dismissal against the franchise and is awarded £10.5 million ($16 million approx), plus legal costs, by the High Court in London. He was dismissed by the Chargers in January 2009; he began legal proceedings against them the following month. In September 2012, Wright registers a 'foreign decree' in an Indian court to enforce the judgement passed by the London court.
August 15, 2012
The franchise is given until the end of the month by the BCCI to pay its players their dues, as it had defaulted on the scheduled date. The board also seeks an explanation for the owners mortgaging the team ownership rights to two leading Indian banks.
September 13, 2012
DHCL refuses the sole bid it receives at the auction. The "price and terms" of the bid from PVP Ventures, a company that finances film projects in India, are deemed "not suitable" by the owners. Reports say the offer was for Rs.900 crore (then US$164 million).
September 14, 2012
The BCCI terminates the Deccan Chargers franchise, claiming defaults of payments to players, foreign boards and its possible "deleterious" effects on the IPL prompted the decision. DHCL challenges the decision in court the next day.
October 9, 2012
DHCL asks a three-day extension to raise Rs.100 crore (US$19 million) as a bank guarantee, one of the conditions set by the Bombay High Court ruling of October 1, to avoid termination from the IPL.
October 12, 2012
The Chargers are terminated from the IPL, as their owners fail to produce the bank guarantee. It leaves the BCCI free to invite bidders for a new franchise, with the status of Chargers' players and staff currently unclear.
October 13, 2012
In a countermove, the Chargers approach CK Thakkar, the court-appointed arbitrator, who puts a stay on the termination order passed by the High Court. In turn, the BCCI files for an "urgent" hearing in the High Court, challenging Thakkar's ruling. The court overrules the arbitrator's ruling, and the Chargers' termination stands.
October 14, 2012
The BCCI floats a tender, inviting bidders for a new IPL team.
October 18, 2012
Bombay High Court overrules the arbitrator's decision to impose a status quo on their expulsion from the IPL.
October 25, 2012
Sun TV Networks Limited, one of India's biggest television networks headquartered in Chennai, wins the Hyderabad franchise, bidding around $15.9 m for a five-year deal.