The Board of Control for Cricket in India (BCCI) on Friday terminated Indian Premier League (IPL) team Deccan Chargers after its owner Deccan Chronicle Holdings Ltd. (DCHL) failed to pay the bank guarantee of 100 crore to the Indian cricket board.
The BCCI took the steps after DCHL could not meet the Bombay High Court´s condition of paying the bank guarantee of Rs 100 crore within the deadline of 5 pm on Friday, reports said.
The Bombay High Court, earlier in the day, refused to give further time to DCHL to pay the bank guarantee to the BCCI.
Meanwhile, DCHL has sold the IPL franchise to Mumbai-based real estate company Kamla Landmarc, media reports said on Friday.
According to reports, the board of directors of DCHL took the decision on selling off the franchise on Thursday.
"This is to inform you that pursuant to its Meeting of the Board of Directors held on October 11, 2012, it was resolved to authorize the Board of Directors to sell, transfer/dispose off the Deccan Chargers Franchise business undertakings/business division of the Company to Kamla Landmarc Real Estate Holdings Private Limited," read a letter sent by the DCHL to the Bombay Stock Exchange (BSE).
DCHL last month rejected the sole bid by PVP Ventures for its IPL franchise Deccan Chargers on the basis of the payment terms offered by them.
The team had finished last in the inaugural IPL but won the next edition in South Africa in 2009.
The Chargers were second last in the most recent IPL tournament that ended in May.