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BCCI in search of new buyer as Deccan Chargers unlikely to play IPL 6

Source : PTI
Last Updated: Sat, Sep 01, 2012 15:22 hrs
Deccan Chargers shock Mumbai Indians by 10 runs<br>

NEW DELHI: Deccan Chargers, the champions of second edition of Indian Premier League, is unlikely to feature in the next edition of the cash-rich league which may force the BCCI to lookout for a prospective buyer in the next few days.

"The IPL governing council members will be meeting on September 4 where a concrete decision regarding the future of Deccan Chargers will be taken. As of now, there is very little chance that DC will be playing in IPL 5 as it is unable to resolve the financial problems. The Board will have to find a new buyer for the team," a top BCCI official said on Saturday.

In June this year, the Deccan Chronicle group had appointed Religare Capital Markets Ltd to advise it on selling of Deccan Chargers following approach "by multiple parties evincing interest in acquiring stake in the company's IPL team".

However, according to investment banking sources, financial liabilities of the franchise owner pushed away the prospective buyers and the matter has been intimated to the cricket board.

"None of the investors were really interested to buy a team with financial liabilities. Now, the owners have intimated the BCCI about their inability to sell the team. The BCCI has reportedly told them that they would now auction the team," a reliable source in investment banking sector informed.

The formal announcement will come within a few days but BCCI is likely to get a suitable replacement as many business houses are interested in buying a team.

"Obviously, for a new investor, the advantage will be that he would get a set team and also can buy a few more players. The BCCI will encash the bank guarantee and pay the salaries of the players," the Board official said.

The Deccan Chronicle group had acquired the franchise for $107 million (approximately Rs 588 crore) in 2008.

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