The BCCI has today confirmed the termination of the IPL franchise Deccan Chargers from the Indian Premier League.
The termination happened after the Deccan Chargers failed to pay a bank guarantee of Rs 100 crore as ordered by the Bombay High Court, which now forced BCCI to terminate Deccan Chargers from IPL.
In a statement issued by BCCI on Saturday said, “The termination of Deccan Chargers franchise was challenged in the Hon’ble Bombay High Court by the DCHL pending the arbitration. A Conditional Order of stay was granted by the Hon’ble High Court pending arbitration on 1st October 2012. The condition to give BCCI a Bank Guarantee of a Nationalized Bank for 100 Crores by 5.00 p.m. on 12.10.2012 to cover expenses of IPL – 6, was breached by DCHL.”
The BCCI statement said, “Thus, the termination of DC Franchise stands.”
However, on Friday, some rumours were that Deccan Chargers owner company Deccan Chronicle Holdings sold the team to a Mumbai-based Real Estate company Kamla Landmarc.
In a letter directed to the National Stock Exchange and Bombay Stock Exchange, Deccan Chronicle Holdings Limited said, “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.”
However, there is no official statement released by BCCI on this sale.