Fri, Sep 14, 2012 - Page 20 News List

The Deccan Chargers reject their only bid

Reuters

Owners of the cash-strapped Hyderabad franchise the Deccan Chargers have rejected the one takeover bid they have received for the Indian Premier League (IPL) team, the country’s cricket board (BCCI) said yesterday.

Deccan Chronicle Holdings, which owns the Chargers, put the Twenty20 team up for sale last week after getting the nod from the cricket board.

“They informed us the price and terms were not suitable, so they did not accept it,” BCCI president N. Srinivasan told reporters in Chennai.

“The BCCI assisted the Deccan Chargers and we also looked at the eligibility criteria, whether they were fit and proper,” he added. “We found the party was acceptable to us. After that, though, it was between Deccan Chargers and the bidder.”

According to media reports PVP Ventures, a company that has interests in real estate and also finances film projects, submitted a bid of 9 billion rupees (US$162.4 million) to buy the troubled franchise.

Deccan Chronicle paid US$107 million in 2008 to bag the franchise for 10 years.

The team finished last in the inaugural IPL, but came back strongly to win the next edition in South Africa in 2009.

The Chargers were second-last in the most recent IPL tournament that ended in May.

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